Financial audit
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NATURE SCOPE AND PURPOSE OF AUDIT
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Financial audit
- 33. TYPES OF AUDITS -Financial statements audit -Compliance audits -Operational audits -Comprehensive audits -Forensic audits TYPES OF AUDITORS -External auditors -Internal auditors -Government auditors -Forensic auditors ISSUES AFFECTING THE PROFESSION -Expanded services -Globalization -Litigation -Independence issues @Sako Mayrick 2006
- 36. @Sako Mayrick 2006 Management Assertions THE RELATIONSHIP OF EVIDENTIAL MATTER TO THE AUDIT REPORT Financial Statements Audit Objectives Audit Procedures Audit Report Evidence
- 44. THE RELATIONSHIP BETWEEN AUDITING, ATTESTATION, AND ASSURANCE SERVICES @Sako Mayrick 2006 Attestation Auditing Assurance
- 45. -Materiality -Audit risk -Evidence @Sako Mayrick 2006 THREE FUNDAMENTAL CONCEPTS IN CONDUCTING AN AUDIT
- 52. INTERNAL AND EXTERNAL AUDITING It is important to understand and recognize the differences and commonalities between internal and external audit. Internal and external auditor should work closely together, in particular to coordinate activity and maximize effectiveness and where appropriate external audit may rely on the work of internal audit. However, there are number of fundamental differences in their objectives, scope and responsibility. @Sako Mayrick 2006
- 53. @Sako Mayrick 2006 Internal auditing External auditing Objectives To advise management on whether the organization has sound systems of internal controls to protect the organization against loss To provide an opinion on whether the financial statements provide a true and fair view Legal basis All areas of the organization, operational as well as financial Financial focus Scope All areas of the organization, operational as well as financial Financial focus Approach Increasingly risk base Assess risks Evaluate system of controls Test operation of system Make recommendation for improvements Increasingly risk based Test underlying transactions that form the basis of the financial statements Responsibility To advice and make recommendations on the internal control and corporate governance To form opinion on whether the financial statements provide a true and fair view.
- 67. AUDIT QUALIFICATION MATRIX @Sako Mayrick 2006 Nature of Circumstance Material but not fundamental Fundamental Limitation of Scope Except for ..might Disclaimer Disagreement Except for Adverse opinion