Concurrent audit
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Concurrent audit is a systematic examination of financial transactions on a regular basis to ensure accuracy, authenticity, and compliance with procedures. It aims to shorten the time between a transaction and its examination. The focus is on substantive checking in key areas rather than just test checking. Concurrent audit helps establish internal accounting functions, effective controls, and vigilance to prevent errors and fraud. It ensures transactions adhere to established systems and procedures.
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For downloading this contact- bikashkumar.bk100@gmail.com
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A. Primary Objectives of Audit
B. Subsidiary Objectives of Audit
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
B. Subsidiary Objectives of Audit:-
Detection and prevention of errors:
Errors of principle
Errors of omission
Errors of commission
Compensating errors
Errors of Duplication
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Discuss the role of an Auditor (both internal and external).Solu.pdf
Discuss the role of an Auditor (both internal and external).
Solution
An auditor, simply put, is someone who audits, or vouches for the authenticity, correctness,
completeness, accuracy and disclosure requirements in the financial statements of an entity.
An internal auditor is someone who is either appointed in-house or through an external agency
for checking up the daily working transactions of an entity. He does his checking to the nitty-
gritty details, going from scratch to conclusion. An internal auditor is more concerned with
documentation lacunae, system and process checks, and documentation completeness. The flaws
or shortcomings noticed by him are brought to the notice of the management on a regular
interval, say monthly or quarterly.
An external auditor is appointed either through a thrid party agency, or on the recommendation
of the shareholders/directors, and does the statutory audit of a Company, which involves
checking the correctness and accuracy of its financial statements for a particular financial year,
and presenting the same before the Board of Directors as well as Shareholders. A major part of
the external auditor\'s work relies on sample vouching and checking, whereby by selecting a
particular sample of transactions in each area of operations, they can convince themselves of the
correctness and completeness of the transactions booked. Further, he also ensures that the
financial statements are in line with the reporting requirements as per the latest applicable
Corporate Laws.
The main point of distinction between an Internal Auditor and External Auditor lies in the fact
that although both of them point out lacunae or issues in the system or scale of operations, for an
internal auditor ,the responsiblity also involves ensuring that the lacunae are corrected
immediately, and the statutory audit is conducted smoothly. Whereas, the issues as pointed out
by an external auditor are put before the Board of Directors for discussion, and only after getting
approved, are they implemented in either the current period financial statements (if they have a
material impact on the financials), or in the forthcoming years\' financial accounts..
Why do we need internal control in an organization What is its purp.pdf
Why do we need internal control in an organization? What is its purpose, and what are its
objectives (not components)? Can you explain with examples?
Solution
INTERNAL CONTROL - The process designed, implemented and maintained by those charged
with governance, management and other personnel to provide reasonable assurance about the
achievement of an entity’s
objectives with regard to reliability of financial reporting,
effectiveness and efficiency of operations, safeguarding of assets, and compliance with
applicable laws and regulations. The term \"controls\" refers to any aspects of one or more of the
components of the internal control
WE NEED INTERNAL CONTROL SYSTEM IN THE ORGANISATION TO REDUCE THE
RISK OF FRAUD AND ERRORS
MAIN OBJECTIVES OF THE INTERNAL CONTROL SYSTEM IN THE ORGANISATION
ARE
Aims of Internal Control in relation to Financial and Accounting Aspects: Internal
controls relating to financial and accounting aspects are concerned with achieving the
following objectives -
(1) transactions are executed in accordance with management’s general or specific authorisation;
(2) all transactions and other events are promptly recorded in the correct amount, in the
appropriate accounts and in the proper accounting period so as to permit preparation of
financial statements in accordance with the applicable accounting standards, other recognised
accounting policies and practices and relevant statutory requirements, if any,
and to maintain accountability for assets;
(3) assets and records are safeguarded from unauthorised access, use or disposition; and
(4) the recorded assets are compared with the existing assets at reasonable intervals and
appropriate action is taken with regard to any differences.
For example : an auditor may perform a \"walk-through\" test that is, tracing a few transactions
through the accounting system. When the transactions selected are typical of those
transactions that pass through the system, this procedure may be treated as part of the tests of
control. The nature and extent of walk through tests performed by the auditor are such that they
alone would not provide sufficient appropriate audit evidence to support a control risk
assessment which is less than high.
Thank you hope this usefull.
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For downloading this contact- bikashkumar.bk100@gmail.com
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The word, ‘Audit’ is derived from the Latin term “audire” which means to hear. Audit is a thorough review of a department’s records and reports, in order to verify that assets and liabilities are properly recorded on the balance sheet and all profits and losses are properly assessed. To meet the objectives of Audit, verification of revenue, expenditure, bank deposits, bank reconciliations, accounts payable and accounts receivable, cash, loans and advances, disbursement and regular transactions is very necessary.
A. Primary Objectives of Audit
B. Subsidiary Objectives of Audit
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
B. Subsidiary Objectives of Audit:-
Detection and prevention of errors:
Errors of principle
Errors of omission
Errors of commission
Compensating errors
Errors of Duplication
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Discuss the role of an Auditor (both internal and external).Solu.pdf
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Solution
An auditor, simply put, is someone who audits, or vouches for the authenticity, correctness,
completeness, accuracy and disclosure requirements in the financial statements of an entity.
An internal auditor is someone who is either appointed in-house or through an external agency
for checking up the daily working transactions of an entity. He does his checking to the nitty-
gritty details, going from scratch to conclusion. An internal auditor is more concerned with
documentation lacunae, system and process checks, and documentation completeness. The flaws
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An external auditor is appointed either through a thrid party agency, or on the recommendation
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particular sample of transactions in each area of operations, they can convince themselves of the
correctness and completeness of the transactions booked. Further, he also ensures that the
financial statements are in line with the reporting requirements as per the latest applicable
Corporate Laws.
The main point of distinction between an Internal Auditor and External Auditor lies in the fact
that although both of them point out lacunae or issues in the system or scale of operations, for an
internal auditor ,the responsiblity also involves ensuring that the lacunae are corrected
immediately, and the statutory audit is conducted smoothly. Whereas, the issues as pointed out
by an external auditor are put before the Board of Directors for discussion, and only after getting
approved, are they implemented in either the current period financial statements (if they have a
material impact on the financials), or in the forthcoming years\' financial accounts..
Why do we need internal control in an organization What is its purp.pdf
Why do we need internal control in an organization? What is its purpose, and what are its
objectives (not components)? Can you explain with examples?
Solution
INTERNAL CONTROL - The process designed, implemented and maintained by those charged
with governance, management and other personnel to provide reasonable assurance about the
achievement of an entity’s
objectives with regard to reliability of financial reporting,
effectiveness and efficiency of operations, safeguarding of assets, and compliance with
applicable laws and regulations. The term \"controls\" refers to any aspects of one or more of the
components of the internal control
WE NEED INTERNAL CONTROL SYSTEM IN THE ORGANISATION TO REDUCE THE
RISK OF FRAUD AND ERRORS
MAIN OBJECTIVES OF THE INTERNAL CONTROL SYSTEM IN THE ORGANISATION
ARE
Aims of Internal Control in relation to Financial and Accounting Aspects: Internal
controls relating to financial and accounting aspects are concerned with achieving the
following objectives -
(1) transactions are executed in accordance with management’s general or specific authorisation;
(2) all transactions and other events are promptly recorded in the correct amount, in the
appropriate accounts and in the proper accounting period so as to permit preparation of
financial statements in accordance with the applicable accounting standards, other recognised
accounting policies and practices and relevant statutory requirements, if any,
and to maintain accountability for assets;
(3) assets and records are safeguarded from unauthorised access, use or disposition; and
(4) the recorded assets are compared with the existing assets at reasonable intervals and
appropriate action is taken with regard to any differences.
For example : an auditor may perform a \"walk-through\" test that is, tracing a few transactions
through the accounting system. When the transactions selected are typical of those
transactions that pass through the system, this procedure may be treated as part of the tests of
control. The nature and extent of walk through tests performed by the auditor are such that they
alone would not provide sufficient appropriate audit evidence to support a control risk
assessment which is less than high.
Thank you hope this usefull.
Auditing procedure & internal control system
This document discusses auditing procedures and internal control systems. It begins by acknowledging the author's teacher for providing guidance on the topic. It then defines audit procedures as the steps auditors take to evaluate a company's financial statements and determine if they accurately reflect the company's financial position. The document outlines different types of audit procedures like substantive and analytical procedures. It also discusses internal control systems, their objectives and features, as well as principles and types of internal controls. Advantages and disadvantages of internal controls are provided.
Chapter 1
The document discusses audit approaches and procedures. It begins by explaining the nature and steps of an audit approach, differentiating between interim, financial, and compliance audits. It then describes various audit tests like vouching, verification, tests of control, and substantive tests, explaining their purposes. The document outlines procedures for analytical procedures and substantive procedures. It emphasizes that the need for audit procedures and techniques is to obtain evidence in performing the audit.
Interim testing and the timing of the audit. Why does an auditor do .pdf
Interim testing and the timing of the audit. Why does an auditor do it? What types of audit work
are normally accomplished in the interim period(s)? How will the level of control risk (high risk
vs. low risk) affect interim testing? Define substantive testing.
Solution
Interim Testing Interim testing/Auditing is auditing of the transactions and financial records
in between two actual final audits that are carried out at the end of accounting periods. Why
does an auditor do Interim Testing? Auditors carry out interim testing in case of companies that
have huge number of transactions ,which need to be verified & vouched to facilitate the final
audit & also to save time. This usually is slated or timed to coincide with fiscal Q3 review
procedures. Also the company\'s internal control and information processing system are verified
& the auditor satisfies himself that he can resort to reduced testing at the year end. This also
reduces last-minute strain on company\'s officers in cooperating with the audit personnel --who
are able to explain in a thorough manner all points for clarification. Types of audit work
normally accomplished in the interim period(s) The extent of audit-work & the dates covered--
in the interim periods ,largely depend on the level of internal control prevalent in the company
Areas like inventories, cash receivables and plant records are best tested in the interim periods so
as to achieve perfection in their testing , before reporting in the year end audit-reports. Control
risk & interim Testing: Control risk is the risk that one or more or a group of material error or
fraud that could go undetected despite the presence of the company\'s internal control systems
Interim testing/Auditing will definitely help to minimise or lower this risk , as the transactions
are vouched by more than one person . But the vice-versa is also true,---ie. More the control
risk , more the necessity of interim testing of transactions ,to eliminate errors, frauds of
omissions & commissions Substantive testing---- Auditor\'s tool to form an opinion These are
audit procedures-- carried out to assert--- that the balances against the account heads appearing in
the financial statement / financial records of an entity ,say for inventory,do actually exist,are
complete,accurate & valid. Substantive testing is done on various accounting transactions also
,ie. They are analysed & tested in detail, for purposes of reporting..
The internal audit compliance designed to relevant audit assessment
The document discusses internal audit compliance procedures for assessing an organization's adherence to regulations and standards. It outlines steps the internal auditor should take including: 1) Completing compliance checklists through inquiries and observations; 2) Comparing the organization's control systems to regulations; 3) Performing compliance testing of documents; 4) Conducting visits to remote locations to evaluate controls and transactions; 5) Investigating any exceptions found and ensuring corrective actions are taken. The goal is to standardize compliance review procedures to provide consistent evaluations across an organization's different business units and locations.
Audit report- Consideration of Internal Control
This document discusses internal control and its assessment. It defines internal control as a process designed to help achieve an entity's objectives. The five components of internal control are the control environment, risk assessment, control activities, information and communication, and monitoring. The auditor assesses control risk by obtaining an understanding of internal controls, testing their design and implementation, and judging their effectiveness in preventing misstatements. Control risk is then used to determine the nature, timing and extent of substantive audit procedures. Weaknesses identified during this process are communicated to management.
Internal control
Internal control is the process designed by a company's board of directors, management, and other personnel to reasonably ensure objectives are achieved in operations effectiveness and efficiency, reliable financial reporting, and compliance with laws and regulations. It includes activities throughout the organization to establish responsibility, authorize transactions, safeguard assets, and verify records. Internal checks within the system arrange duties so one person's work is independently checked by another to protect the business from errors and fraud. Internal and statutory audits both review financial systems but internal audits are conducted by a company's permanent staff while statutory audits check compliance with company law. Auditors verify the accuracy of assets in the balance sheet and ensure assets are properly valued.
internal control pptx
Internal controls are procedures put in place by management to safeguard assets, promote accountability, and increase efficiency. They also help prevent fraudulent behavior. The main objectives of internal controls are to prevent errors and fraud, ensure accurate financial reporting, and ensure compliance with laws and regulations. However, internal controls have some limitations, such as when collusion, human error, or management override occurs. Key aspects of effective internal controls include segregating duties, implementing job rotation, establishing authority levels, and separating custody of assets from record keeping.
Evaluation of the effect of monitoring and control activities on fraud detect...
This document examines the effects of monitoring and control activities on fraud detection in selected Nigerian commercial banks. It analyzes the relationship between monitoring activities and fraud detection, as well as the relationship between control activities and fraud detection. Data was collected through questionnaires from employees at ten selected Nigerian banks. Regression and ANOVA analyses found significant relationships between effective monitoring and fraud detection, and between control activities and fraud detection. The document discusses the concepts of monitoring, control activities, and their role in fraud prevention. It also outlines some effects of bank fraud and methods for identifying, detecting, and preventing fraud.
Lecture 17 sas framework internal control - james a. hall book chapter 3
SAS Framework,Chapter 3 Of Accounting Information System. Frauds ,ethics and Internal Control, Levels of SAS-78/COSO Framework. The Control Environment, Risk Assessment, Monitoring, Supervision and in the end Control Acvities
summary_of_sa_CA_My_AIM_Dubey
The document provides highlights of Standards on Auditing (SA) issued by the Institute of Chartered Accountants of India (ICAI). It summarizes key aspects of various SA standards including SA 200 on basic principles of an audit, SA 210 on terms of audit engagement, SA 220 on quality control, SA 230 on audit documentation, SA 240 on auditor responsibilities relating to fraud, SA 250 on consideration of laws and regulations, SA 260 on communication with those charged with governance, SA 299 on responsibilities of joint auditors, SA 300 on planning an audit, and SA 310 on knowledge of the business. The standards provide requirements for auditors to plan and perform audits in accordance with relevant professional and regulatory standards.
Designing Effective Financial Controls
The document discusses designing effective financial controls. It outlines that effective controls require a commitment to control objectives, risk assessment, control activities, communication, and monitoring. It describes the five components of the COSO internal control framework - control environment, risk assessment, control activities, communication and information, and monitoring. Key focus areas for effective controls are outlined as control activities to manage risk, reliable information available to stakeholders, communication mechanisms, and monitoring for compliance.
ISO 19001ISO 19001Student’s NameUniversity Name.docx
ISO 19001
ISO 19001
Student’s Name
University Name
Date
Instructor’s Name
Abstract
ISO 19001 and its Scope
This is an international standard that gives guidelines necessary for management systems auditing. International Organization for Standardization is in charge and controls this mark of quality. The standard gives an organization four resources which includes;
· An elaborate explanation of all basics of management systems auditing.
· Updated information concerning the competence and evaluation of selected auditors.
· Guiding instructions on how to carry out internal and external audits.
· Guiding instructions on management of the available audit programs.
The main idea behind any management system auditing is to gather crucial evidence and this requires competent personnel. Three techniques are usually employed in getting this information. These are visual observations, physical interviews involving staff members and reading the available documents. The auditor used should be competent with the specific areas being audited and have basic training in it (Waddell, D 2005)
Internal audits
Internal audits are a function of an organization operating independently from other departments and usually reports to the appointed audit committee. They are charged with carrying out audits of the organization in all sections of the business as dictated by the annual audit plan. They are in charge of monitoring the financial flow in every department of the business. They focus on the keys issues facing the business and how well the management is working to have the problems solved. They are involved in decision making process regarding issues affecting the business that need to be improved for efficiency and increased returns. They keep the company updated at all times to make sure that finances are well utilized to maximize the returns. They generally help the company to keep going as they combine assurance and consulting services to ascertain that they achieve the very best. (Mock, TJ & Wright)
Internal auditors are professionals who are independent to the areas they carry out the audits. This is meant to reduce cases of fraud and be biasness. They must abide to a code of ethics, a core requirement for this career. They must be compliant with international standards and this increase and assures the quality of their output. They are put on mentoring and upgrading programs on regular basis to sharpen their skills and to keep them updated on upcoming issues and technology necessary for their practice.
External audits
External audits are external functions who work for an organization to carry out and confirm audits. They reside outside the governance of the business but they may at times be shareholders of the organization. Their objective is to add credibility of the financial reports earlier given by internal audits. Their coverage is mainly financial reports and other financial reporting risks. They have no responsibility in mon ...
Auditing
An audit is a systematic examination of records or accounts to check their accuracy and verify financial operations and results. There are different types of audits including statutory audits which are mandatory under law, internal audits conducted within an organization, interim audits between regular audits, final audits at the end of a financial year, and special audits ordered by the government. Audits help ensure accuracy, protect assets, identify issues, and improve performance.
7 Steps to Conducting a Financial Audit | The Enterprise World
Overview of the financial audit process: 1. Preparing for the Audit 2. Assessing Internal Controls 3. Gathering and Reviewing Financial Data 4. Testing Financial Transactions and Balances 5. Summarizing Findings and Preparing Audit Reports 6. Post-Audit Follow-Up 7. Wrapping up
Risk Assessment For Internal Auditors
This document discusses risk assessments and their importance for audit planning. It provides definitions for risk and risk assessment, and explains how risk assessments allow entities to understand potential impacts on objectives. Risk assessments employ both qualitative and quantitative methods, relate risks to time horizons and objectives, and assess inherent and residual risks. The document also discusses how internal auditors can add value through risk-based audit planning and evaluating management's risk assessments and controls. Key components of risk assessments are outlined.
Internal Financial Controls
The document discusses internal financial controls (IFC) as mandated by the Companies Act of 2013 in India. It provides an overview of key aspects of IFC including definitions, requirements for boards of directors, audit committees and independent auditors. It also discusses the COSO framework that is widely used for IFC and provides a roadmap for implementing IFC including assessing current controls, developing a framework, implementing controls, monitoring and testing. Case studies of control failures at companies like Enron, Worldcom and Satyam are also summarized.
Audit
An audit is an independent examination of an organization's accounts and financial records to check that they are accurate and in accordance with relevant regulations. The main types of audits discussed are financial audits, internal audits, cost audits, and management audits. Financial audits check that financial statements comply with accounting standards. Internal audits evaluate risk management and controls. Cost audits verify cost accounting records. Management audits review managerial efficiency. Audits provide assurance to stakeholders and can help detect errors and frauds, but do not guarantee future viability and do incur additional costs.
Types of auditor
There are four main types of auditors:
1) External auditors perform independent reviews of a company's financial records
2) Internal auditors provide independent evaluations of a company's financial and operational activities
3) Government auditors are employed by state and local government agencies
4) Forensic auditors are trained to detect, investigate, and deter fraud and white-collar crime.
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Lecture 17 sas framework internal control - james a. hall book chapter 3
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7 Steps to Conducting a Financial Audit | The Enterprise World
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How to Start Up a Company: A Step-by-Step Guide Starting a company is an exciting adventure that combines creativity, strategy, and hard work. It can seem overwhelming at first, but with the right guidance, anyone can transform a great idea into a successful business. Let's dive into how to start up a company, from the initial spark of an idea to securing funding and launching your startup.
Introduction
Have you ever dreamed of turning your innovative idea into a thriving business? Starting a company involves numerous steps and decisions, but don't worry—we're here to help. Whether you're exploring how to start a startup company or wondering how to start up a small business, this guide will walk you through the process, step by step.
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Concurrent audit
- 1. Concurrent Audit Meaning Concurrent audit is a systematic and timely examination of financial transaction on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines. Concurrent audit is an examination, which is contemporaneous with the occurrence of transactions or is carried out as near thereto as possible. It attempts to shorten the interval between a transaction and its examiantion by an independent person not in its documentation. In concurrent audit, there is an emphasis in favour of substantive checking in key areas rather than test checking. This concurrent audit is essentially a managment process integral to the establishment of internal accounting functions and effective controls and setting the tone for a vigilance internal audit to preclude the incidence of serious errors and fraudulent manipulations. The main focus while conducting concurrent audit it to ensure that transactions
- 2. are not dealt with in routine but in adherence with the systems and procedures laid down. The study of various fraudulent transactions with the systems and procedures, by the bank employees, which resulted in misuse of one's position. Hence, the focus of concurrent audit is on adherence to laid down systems, procedures and safegaurds. A concurrent auditor may not sit in judgement of the decisions taken by a branch manager or an authorised official. The concern was that this is beyond the scope of concurrent auditor. However, the auditor will necessarily have to see whether the transaction or decisions are within the policy parameters laid down by the Head Office, they do not violate the instructions or policy prescriptions of the RBI, and that they are with in the delegated authority and in compliance with the terms and conditions for exercise of the delegated authority.In every large branch, which has different divisions dealing with specific activities, concurrent audit is a means to help the in-charge of the branch to ensure on an
- 3. ongoing basis that the different divisions function within laid-down parameters and procedures.