Internal Audit is a tool of control to measure and evaluate the effectiveness of the working of an organization primarily with accounting, financial and operational matters.
Internal Audit plays a constructive role by rendering service to the management with objective appraisal of systems, procedures, practices, compliance with policies.
LetzConsult presents a smarter ways for companies to find the most relevant Consultant for their business needs. Find the right consultants for your Company on LetzConsult.com
Internal Audit is a tool of control to measure and evaluate the effectiveness of the working of an organization primarily with accounting, financial and operational matters.
Internal Audit plays a constructive role by rendering service to the management with objective appraisal of systems, procedures, practices, compliance with policies.
LetzConsult presents a smarter ways for companies to find the most relevant Consultant for their business needs. Find the right consultants for your Company on LetzConsult.com
This presentation is an overview of SA 220 (R). Prepared with Prof. S. Sircar.
Dr. Soheli Ghose ( Ph.D (University of Calcutta), M.Phil, M.Com, M.B.A., NET (JRF), B. Ed).
Assistant Professor, Department of Commerce,St. Xavier's College, Kolkata.
Guest Faculty, M.B.A. Finance, University of Calcutta, Kolkata
An internal audit is designed to review what a company is doing in order to identify potential threats to the organization's financial health and profitability and to make suggestions for mitigating the risk associated with those threats.
This is a step-by-step process on how to plan and carry out Auditing. This shall be useful for Accountants , professionals,small businesses,big businesses.
Second Party Audit and External Third Party AuditShantanuThakre3
Second Party Audit:- Second-party audit is when a company performs an audit of a supplier to ensure that they are meeting the requirements specified in the contract.
External Third Party Audit:-
A third-party audit occurs when a company has decided that they want to create a Quality Management System (QMS) that conforms to a standard set of requirements, such as ISO 9001 and hire an independent auditing company to perform an audit to verify that the company has succeeded in meeting these standards.
What is the purpose of internal auditing? How important is it to the business? How are internal audits planned and carried out? These slides show the relevance of internal audit to the business, how internal audits relate to the objectives and risks of the business, how they are planned and the work involved in an internal audit. Further advice is available from www.internalaudit.biz
Internal auditing departments are led by a chief audit executive ("CAE") who generally reports to the audit committee of the board of directors, with administrative reporting to the chief executive officer (In the United States this reporting relationship is required by law for publicly traded companies).
This presentation is an overview of SA 220 (R). Prepared with Prof. S. Sircar.
Dr. Soheli Ghose ( Ph.D (University of Calcutta), M.Phil, M.Com, M.B.A., NET (JRF), B. Ed).
Assistant Professor, Department of Commerce,St. Xavier's College, Kolkata.
Guest Faculty, M.B.A. Finance, University of Calcutta, Kolkata
An internal audit is designed to review what a company is doing in order to identify potential threats to the organization's financial health and profitability and to make suggestions for mitigating the risk associated with those threats.
This is a step-by-step process on how to plan and carry out Auditing. This shall be useful for Accountants , professionals,small businesses,big businesses.
Second Party Audit and External Third Party AuditShantanuThakre3
Second Party Audit:- Second-party audit is when a company performs an audit of a supplier to ensure that they are meeting the requirements specified in the contract.
External Third Party Audit:-
A third-party audit occurs when a company has decided that they want to create a Quality Management System (QMS) that conforms to a standard set of requirements, such as ISO 9001 and hire an independent auditing company to perform an audit to verify that the company has succeeded in meeting these standards.
What is the purpose of internal auditing? How important is it to the business? How are internal audits planned and carried out? These slides show the relevance of internal audit to the business, how internal audits relate to the objectives and risks of the business, how they are planned and the work involved in an internal audit. Further advice is available from www.internalaudit.biz
Internal auditing departments are led by a chief audit executive ("CAE") who generally reports to the audit committee of the board of directors, with administrative reporting to the chief executive officer (In the United States this reporting relationship is required by law for publicly traded companies).
Diversity in the Workplace - MBA 423 Human Resource ManagementStuart Gow
MBA 423 Human Resources Management (Elective Course)
The effective management of people has an important bearing on organisational success. The importance of personnel policies and procedures has created opportunity for managers and administrators with expertise in this field. The course provides conceptual and practical skills in areas such as the strategic aspects of human resource management, manpower planning, recruitment and selection, performance appraisal, training and development, salary administration and employee benefits. Industrial relations in the context of the South Pacific region is an important theme.
http://www.usp.ac.fj/index.php?id=mba423
Major Research Project (MRP) - 15%
Students will work in their allocated groups for the major research project (MRP) – which are indicated in the Course Outline. Each group will be required to base their project on arelevant and interesting HRM topic or current issue or company in which the group members have an interest.
A 30 minute group presentation (inclusive of answer and question session) will be made during weeks 10 and 11 of the trimester, as per the brief class timetable on page 7. The group’s power-point presentations, both soft and hard copies, must be submitted to the course facilitator on or before the presentation. A written report (around 20 pages) is required for the MRP - the due date for the report will be agreed to later in class. The class and the facilitator will evaluate each group’s presentation. The class and the facilitator will evaluate each group’s presentation. A blank evaluation form will be made available in class and posted in Moodle. However, the facilitator has the final say in terms of the final marks to be allocated to each group. The criterias to be used as a guide for evaluating the MRP presentations is provided in the blank evaluation form.
Students:
Stuart Gow
Amrish Narayan
Chaminda Wanninayake
Graduate School of Business
Faculty of Business and Economics
University of the South Pacific,
Private Bag, Laucala Campus,
Suva, Fiji.
Tel: (679) 323 1391/323 1392
Fax: (679) 323 1397
This is the most comprehensive presentation on time management. We all know that how important is it to manage time because of the multi tasking that is done by all of us to make ends meet. This presentation will be of great help to all those who are willing to adopt the positive methods discussed there in.
Time Management & Productivity - Best PracticesVit Horky
Here's my presentation on by proven best practices how to manage your work time effectively and how to improve your productivity. It includes practical tips and how to use tools such as Slack, Google Apps, Hubspot, Google Calendar, Gmail and others.
Enerit ISO 50001 Audit Management PresentationArantico Ltd
Enerit ISO 50001 software helps to implement, manage and maintain an effective Energy Management System based on ISO 50001 standard. The Audit Management module can be used for multi-standard (ISO 14001, ISO 9001) compliance.
What are the major steps in a financial statement audit.pdfRathnakarReddy17
A financial statement audit is a formal examination of a company's financial statements. Its goal is to assess whether financial statements fairly and substantially accurately depict business operations and financial situation in compliance with the Generally Accepted Accounting Principles (GAAP) published by the Financial Accounting Standards Board. The income statement, balance sheet, statement of Cash Flow Budgeting and Forecasting in Washington, and other supporting disclosures are all specifically examined by the auditor for accuracy.A financial statement audit must be performed in accordance with GAAP by an impartial external auditor.
Accounting, accountant, debits and credits, accounting equation, internal users of accounting, external user of accounting, assets, liabilities, equity, T accounts, natural balance, accounting cycle. Accounting principles, Advance Business Consulting, Jose Cintron, mba4help.com
Plant Assets, Plant assets and equipment, land, land improvements, Building, depreciation, computing depreciation, depreciation methods, straight line, units of activity, depreciation and taxes, plant assets disposal, retirement of plant assets, gain on disposal, lost on disposal, jose cintron, advance business consulting, mba4help.com
Certify Public Accountant, CPA, CPA marketing, CPA social media, linkedIn, networking, social media, blogging, press release, viral videos, information videos, pay per click, display ads, SEO, SEM, email, local diretories, facebook, youtube,tweeter, google+, meetup, yelp, manta, yp.com, advance business consulting, jose cintron, http://mba4help.com, jose cintron
search engine optimization, SEO, local SEO, local search engine optimization, organic traffic, search engine ranking, keywords, local keywords, more leads, more sales, more revenues, call to action, content, above the fold, back links, title, description, meta tag, sitemap,landing page, html, long tail url,blogs, press release, bookmark, article marketing, jose cintron, advance business consulting, miami, http://mba4help.com, local directories, google, bing, yahoo
Corporations, form a corporation, public corporation, private corporation, stockholders, corporation management, unlimited life, goverment regulations, double taxation, forming a corporation, advantages of corportations, disadvantages of corportations, stocks, forming a corporations, jose cintron, advance business consulting, http://mba4help.com
Plant assets disposal, gain on disposal , lost on disposal, retirement on plant assets, disposal of plant assets, journal entries, jose cintron , advance business consulting, mba4help.com
depreciation, straight line, units of productions, double declining, income tax, depreciation methods, advance business consulting, www.mba4help.com Miami, Jose cintron
Property Plan, Plan assets, Equipment, Land, building, journal entries, property plan and equipment, advance business consulting, jose cintron, mba4help.com
Business Plan, Business strategies, marketing plan, marketing strategies, sales plan, sales strategies, executive summary, competitors, small business plan, budget, forecast, business analysis, operations, personnel, mission, vision, jose cintron mba, mba4help.com
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
2. AUDIT PROCESS Planning Fieldwork Audit Report Audit Follow-Up Announcement Letter Transaction Testing Discussion Draft Follow-up Review Initial Meeting Advice & Informal Communications Exit Conference Follow-up Report Preliminary Survey Audit Summary Formal Draft Audit Annual Report to the Board Internal Control Review Working Papers Final Report Audit Program Client Response Client Comments
3. Audit Planning The audit process is similar for most engagements and normally consists of four stages: Planning (sometimes called Survey or Preliminary Review), Fieldwork, Audit Report, and Follow-up Review. Client involvement is critical at each stage of the audit process. As in any special project, an audit results in a certain amount of time being diverted from your department's usual routine. One of the key objectives is to minimize this time and avoid disrupting ongoing activities.
4. Planning During the planning portion of the audit, the auditor notifies the client of the audit, discusses the scope and objectives of the examination in a formal meeting with organization management, gathers information on important processes, evaluates existing controls, and plans the remaining audit steps.
5. Announcement Letter: The client is informed of the audit through an announcement or engagement letter from the Internal Audit Director. Initial Meeting: the client describes the unit or system to be reviewed, the organization, available resources (personnel, facilities, equipment, funds), and other relevant information.
6. Preliminary Survey: In this phase the auditor gathers relevant information about the unit in order to obtain a general overview of operations. Internal Control Review: The auditor will review the unit's internal control structure, a process which is usually time-consuming.
7. Audit Program Preparation of the audit program concludes the preliminary review phase. This program outlines the fieldwork necessary to achieve the audit objectives.
9. Discussion Draft At the conclusion of fieldwork, the auditor drafts the report. Audit's goal is to complete the audit and issue a draft audit report within 30 days after the completion of fieldwork. Audit management reviews the audit working papers and the discussion draft before it is presented to the client for comment. This discussion draft is submitted to the client for review before the exit conference.
10. Exit Conference Internal Audit meets with the unit's management team to discuss the findings, recommendations, and text of the discussion draft. At this meeting, the client comments on the draft and the group works to reach an agreement on the audit findings.
11. Exit Conference Is an opportunity for the auditor, department management, process owners, and other to review and validate audit outcomes. The Exit Conference should accomplish the following: 1) Present observations and determine if the current operating context might affect past transactions. 2) Confirm facts, observations, and conclusions, e.g., that the findings are accurate. 3) Validate the cause leading to findings and present recommendations. 4) Estimate the effect of the findings on operations or its risk management. 5) Solicit draft management comments on the audit findings and determine if alternative recommendations adequately eliminate the cause of findings. 6) Define the timeline for issuing the final audit report and implementing recommendations.
12. Audit Finding Audit Findings Reconciliation Supervisory Review (Urgent) During our sample review of account reconciliations, it was noted that many account reconciliations were not being reviewed by the supervisor in Item Processing and Deposit Operations. Recommendation We recommend management review all accounts at least monthly. Action Plan The Supervisor of the Item Processing Department was advised of this requirement and has implemented changes as requested. The Deposit Operations Manager will sign and review all account reconciliations. A secondary signature by the balancing associate and/or supervisor will also be implemented. This procedure is currently in place.
13. Exit Conference Checklist Procedure Set the date, time, and location of the exit meeting. The agenda should include the following: • Accomplishment of the audit objectives (theirs and ours). • Discussion of potential audit findings and recommendations. • Discussion of when management’s response will be due. • Audit reporting process. • Follow up process. Document results of the exit meeting.
14. Exit Conference This section of the report summarizes the pertinent information regarding the Audit Exit Conference. It includes: The date the conference was held. The persons in attendance and their titles. Exit Conference A statement that a summary of the Findings and Recommendations was discussed.
15. Audit Exit Conference WP Audit Location (Faculty Division)--------------------------------------------------------------------------------------------- Audit Date--------------------------------------------------------------------------------------------------------------------------- Lead Auditor------------------------------------------------------------------------------------------------------------------------ Audit team Member-------------------------------------------------------------------------------------------------------------- The main purpose of this meeting is to immediately present audit observations to the senior management in a timely manner at the end of the audit and in such a manner so as to ensure that they clearly understand the results of the audit. List Observations: The lead auditor should present observations, taking into account their perceived significance and identifying key non-conformance areas. Key Non-conformances: The lead auditor should present the audit team’s conclusions . Proposed Audit Score: Audi tee response to observations, non-conformances and audit score proposed by the auditor. JOSE
16. Formal Draft The auditor then prepares a formal draft, taking into account any revisions resulting from the exit conference and other discussions. This report is issued to the audited requesting a written response to any audit findings and recommendations. When the changes have been reviewed by audit management and the client, the final report is issued.
17. AUDIT REPORT Our principal product is the final report in which we present the audit findings and discuss recommendations for improvements. Once the fieldwork is completed, Internal Audit will draft a report to include the result of the audit including recommendations for improvement. After the draft report is completed, it will be forwarded to department management for review and discussion at a scheduled exit conference.
18. Report Issuance Control Sheet Spelling and Grammar Check Performed by: ______PABLO____________________ Quality Assurance Review (QAR) Performed by: ______VILMARI__________________ Approval of final draft with responses Director of Audits: ___AMANDA_________________ Engagement Manager: ___JOSE ____________________ Check all reports (original and all copies). Verify the following: 1. They contain all pages, in the appropriate order __________ 2 All copies are straight and legible; and __________ 3. The signature page has been signed. __________ Report Distribution*: President Client Management Chief Business Officer Director of Internal Audit Chancellor Vice Chancellor for Academic Affairs Executive Vice Chancellor for Health Affairs Executive Vice Chancellor for Business Affairs Institution Compliance Officer Others (list) Reading File (unbound hard copy – stamped and placed in Reading File) Unbound hard copy provided to Office Associate * As determined by type of audit and institution where engagement is conducted (Academic, Medical, or System Administration). Compliance Officer should be included in report distribution if engagement involves a compliance issue. Engagement Distribution Timeline: Last Day of Fieldwork (MM/DD/YYYY) _____________ Report Issuance Date _____________ Days between Last Day of Fieldwork and Report Issuance. _____________
19. Final Report After audited management has been given an opportunity to respond to the Preliminary Draft, the Final Draft Report is presented to the Accountability Oversight Committee for approval. Upon approval of the Final Draft the Final Report is issued. Auditor distributes the final report the Chief Financial Officer, the Chief Accountant, the President, the Board of Directors, and other appropriate members of senior management. Final Reports are considered public information and will be available to anyone.
20. Independent Auditors' Report To the Board of Directors and Shareholders Miami/Fort Lauderdale Area We have audited the accompanying balance sheets of COMMERCIAL LENDING PARTNERS, LLC as of December 31, 2009, 2008 and 2007, and the related statements of income, retained earnings, and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of COMMERCIAL LENDING PARTNERS, LLC as of December 31, 2009, 2008 and 2007, and the results of its operations and its cash flows for the years then ended in conformity with accounting principals generally accepted in the United States of America. Jose Cintron, MBA April 4,2010
21. Client Response The client has the opportunity to respond to the audit findings prior to issuance of the final report which can be included or attached to our final report. In the response, the client should explain how report findings will be resolved and include an implementation timetable. In some cases, managers may choose to respond with a decision not to implement an audit recommendation and to accept the risks associated with an audit finding.
22. Client Response Example Client Response (1) - Treasury balances are reconciled monthly. Treasury activity is reconciled daily. Differences are isolated to the period of October 1, 2002 and prior, and have been controlled since that date. Adjusting entries are made with proper documentation and review. Moving the function to a private sector financial institution has been discussed and poses two major obstacles. The first obstacle is the negotiability of a private sector check versus a U.S. Treasury check. This would obviously cause problems for account holders in remote locations as U.S. Treasury checks are readily negotiated at local merchants. A private sector financial institutions checks would not be as negotiable. The second obstacle is the financial resources required to obtain the services of a private sector institution.
23. Client Comments Finally, as part of Internal Audit's self-evaluation program, we ask clients to comment on Internal Audit's performance. This feedback has proven to be very beneficial to us, and we have made changes in our procedures as a result of clients' suggestions.
24. Client Comment Example "I would highly recommend Schmidt & Associates to any credit union currently searching for a quality auditing firm. I have been very impressed with the scope of the audits and the level of detail employed by representatives of the firm during their monthly and quarter contacts. Furthermore, I always receive prompt attention whenever I have questions regarding regulatory or compliance issues."Greg KidwellMembers First Credit UnionColumbus, Ohio11,000 Members, $38 Million in Assets
25. Audit Follow up Depending on the nature of the audit or the audit findings, the Follow-Up procedure may formal or informal”.
26. Audit Approximately one year of the final report, Internal Audit will perform a follow-up review to verify the resolution of the report findings. FOLLOW UP REVIEW FOLLOW UP REPORT AUDIT ANNUAL REPORT TO THE BOARD
27. Followed up review The actions taken to resolve the audit report findings may be tested to ensure that the desired results were achieved.
28. Followed up Report To resolve the original report findings. Unresolved findings will include a brief description of the finding, the original audit recommendation, the client response, the current condition, and the continued exposure to the board of company.
29. Audit Annual Report Memorandum to the senior manager that notifies them that audit activities are underway and describes the follow-up process. This memo should include: timeframes for the project, a copy of the outstanding findings relating to areas reporting. a request that they distribute the findings to these areas and ask the managers to provide Internal Audit with the information requested, a statement that these comments were previously distributed as part of an audit report or close-out letter notification that the results will be reported to Board of Trustees. The Announce Memo report Findings Access database provides sample wording for the notification memo. The notification memo should be sent
30. Reference Audit Followed up. Retrieved on April 2010. By Electronic Version. http://www.auditnet.org/process.htm#ixzz0kHSIWg9 (2004) Internal Audit Polices and Procedures Chapter 14. Electronic Version. http://www.unc.edu/depts/intaudit/AuditMan/Audit%20Follow%20Up.html
Editor's Notes
The review will conclude with a follow-up report which lists the actions taken by the client to resolve the original report findings.