The whole system of controls; financial, administrative, operational and otherwise, established by management to ensure that the finances, assets and all resources of the organization are properly kept. The controls must be respected or adhered to in conformity with organizational policies and the GAAP.
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
Audit Evidence is one of the International Standards on Auditing. -It serves to expect the auditor to obtain audit evidence from an appropriate mix of tests of control systems and substantive tests of transaction and balances.
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
Audit Evidence is one of the International Standards on Auditing. -It serves to expect the auditor to obtain audit evidence from an appropriate mix of tests of control systems and substantive tests of transaction and balances.
Présentation de Feten Ben Ali, sous directrice de l'audit interne à l'Institut Pasteur de Tunis sur "la conduite d'une mission d'audit interne". Conférence organisée par l'association amicale des surveillants de santé publique
Présentation de Feten Ben Ali, sous directrice de l'audit interne à l'Institut Pasteur de Tunis sur "la conduite d'une mission d'audit interne". Conférence organisée par l'association amicale des surveillants de santé publique
ELEMENTS OF AUDITING
AUDIT AND INVESTIGATION
Definition
AUDIT
- Is the formal examination, correction, and official endorsing of financial account, especially those of a business undertaken annually by an accountant
- Inspection and verification of the accuracy of financial records and statements. Also involves systematic check or assessment especially efficient or effectiveness of an organization
AUDITING
- Is the examination of certain statement covering the transaction over certain period and financial position of an organization
- Is the examination financial statement covering over a period and ascertaining the financial position of organization on a certain date
AUDITOR
Is the an independent person appointed by company or an enterprise to examine its books of account
QUALITIES OF AN AUDITOR
I. Accounting knowledge.
An auditor should necessary have an academic qualification in accounting. This enable him to make evaluation and passing judgment of the financial records
II. Business knowledge.
Internal audit means a continuous critical review of financial and operating matters of a business. In other words, we can say that the audit of a business conducted by the business for a continuous basis. Internal audit is done by the internal staff appointed particularly for the audit purposes. These are called internal auditors.
Similar to Chapter 5 -Strong internal controls (20)
An internal check is an arrangement of duties of the staff members in such a way that the work performed by one person is automatically and independently checked by the other staff; the salesman negotiates with a client across the counter, the cashier receives cash, an accounts clerk transfers the transaction to the journal… an so on.
An exercise whose objective is to enable auditors to express an opinion on whether the financial statements give a true and fair view (or equivalent) of the entity’s affairs at the period end and of its profit or loss (or income and expenditure) for the period then ended and have been properly prepared in
accordance with the applicable reporting framework (e.g. relevant legislation and applicable accounting standards) or where statutory or other specific requirements prescribe the term, whether the financial statements “present fairly”.
This is a step by step plan of the auditing work to be performed, specifying the procedure to be followed in the verification of each item in the financial statements, and giving the estimated time required’.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
1. Eelo University Faculty
of Management
science
Strong Internal Controls
Principles of Auditing
Chapter - 5
2. Definition of internal controls
The whole system of controls; financial,
administrative, operational and otherwise,
established by management to ensure that the
finances, assets and all resources of the
organization are properly kept. The controls
must be respected or adhered to in conformity
with organizational policies and the GAAP.
Generally accepted accounting principles.
3. ORDASSICA
1. ORGANIZATIONAL PLAN/CHART/STRUCTURE
2. RECORD KEEPING
3. DIVISION/SEGREGATION OF DUTIES
4. AUTHORIZATION OF EXPENDITURE
5. SAFEGUARD OF ASSETS
6. SUPERVISION OF STAFF
7. INTERNAL CHECK
8. COMPETENCE OF STAFF
9. ARITHMETIC CORRECTNESS
4. ORGANIZATIONAL PLAN/CHART/STRUCTURE
This explains the chain of
command and gives the reporting
procedures in an organization. It
tells who in which position and
who are under his control
(subordinates/assistants).
5. RECORD KEEPING
All organization’s data most be
properly recorded and stored by
responsible officials. All classified files
and documents must have security
keys. There should be both soft and
hard copies for documents. It is
advisable to have a software back-up
as well, E.g hard disc.
6. Continuation… record keeping
INFORMATION SYSTEMS
Good strong controls must
include data center, system
software acquisition and
maintenance, security access,
and system development and
maintenance.
7. DIVISION/SEGREGATION OF DUTIES
Duties are segregated to reduce the risk of error or
inappropriate action.
Normally the responsibilities of the following should be
separated:
Initiating, approving, & recording transactions
Handling the related assets
Reconciling balances
Reviewing reports
One person cannot steal and conceal.
8. AUTHORIZATION OF EXPENDITURE
All expenditures and other organization
transactions must be approved and authorized
by responsible officials.
Management authorizes activities and
transactions within limited considerations.
Management specifies when prior supervisory
approval is needed.
A supervisor’s approval implies that he/she
verified conformance with policies and
procedures.
9. EELO UNIVERSITY
GENERAL PAYMENT VOUCHER
Serial number Date
Please pay Mr. Buyera Saidi
Amount in figures $300 (amount in
words: Three hundred dollars)
Reason
Being cash for 3 days travel allowance to
Addis Ababa research conference
10. AUTHORIZATION & APPROVAL
ACTIVITY NAME POSITION SIGNATURE DATE
Prepared by Mubarak Accountant Mubarak 27th /2/2020
Approved
by
Suad Dean Suad 29/2/2020
Authorized
by
Abdullahi Vice
chancellor
Abdullahi 29/2/2020
Paid by Ahmed Cashier Ahmed 29/2/2020
Checked by Muamin Auditor Muamin 29/2/2020
11. SAFEGUARD OF ASSETS
Organizational assets should be in the custody
of responsible officials. For example the
organization vehicles ought to with qualified
drivers and driven with strict instructions. After
official work all cars must be parked in the
premises of the organization. There should be
recommended service maintenance of the
organization assets.
12. SUPERVISION OF STAFF
Staff need to be supervised. Every
staff should be supervised by a more
senior official. Staff should adhere to
the set procedures of operations in
the organization.
13. INTERNAL CHECK
Internal check ensures that the work of every
individual official is automatically checked by
another responsible official. For example, the
negotiation about the price of a good is done
by the sales clerk, the receipt is issued by a
cashier, the journal entries made by an
accounts clerk, and transfers to the cash book
by the chief cashier, a ledger posted by the
accountant, a trial balance be a senior
accountant, income statement by the principal
accountant and finally the balance sheet by
the chief accountant.
14. COMPETENCE OF STAFF
All staff must be qualified for the jobs
they do. Employees not meeting the
required performance levels ought to
be taken for further training to match
their jobs. There should be set
qualifications for each position. More
qualified and experienced employees
should be given more challenging
duties.
15. ARITHMETIC CORRECTNESS
All calculations need to be correct.
Add and re-add to be sure of the
figures. Check additions, divisions
and subtractions and ensure they
give correct totals. Wrong
calculations can lead to untold losses
to the organization.
