Management audit involves the independent examination of a company's management, operations, and policies to evaluate how well objectives are being met. It identifies strengths and weaknesses, recommends improvements, and helps management better utilize resources and achieve goals. A management audit reviews areas like organizational structure, planning, resource allocation, procedures, and control systems. Its aims include improving efficiency, profitability, and the effective discharge of management responsibilities.
Audit Programme is prepared before the actual auditing procedure starts. it is essential for Auditors. There are numerous things that need to be considered while making an audit programme.
Audit Programme is prepared before the actual auditing procedure starts. it is essential for Auditors. There are numerous things that need to be considered while making an audit programme.
This is presentation on Auditing by my friend Rohin Nadaf which was presented during ITT training of Institute of Chartered Accountants of India (ICAI)
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
Every company has to mandatorily appoint statutory auditors for examining the true and fair view of the financial statements and to express an opinion on such financial statements. Apart from statutory auditors, there are other types of auditors to be appointed for monitoring the statutory compliances, risk / fraud management system, internal control system and for reviewing the overall performance of the management and various functions in an organisation. The webinar covers the aspects of provisions relating to appointment of statutory auditors/ internal auditors, qualification and eligibility criteria for appointment, statutory compliances and judicial precedents.
This presentation explains about the meaning as well as various types of audit report which an auditor has present in his books of accounts for the sake of the company's shareholders and various other groups.
This is presentation on Auditing by my friend Rohin Nadaf which was presented during ITT training of Institute of Chartered Accountants of India (ICAI)
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
Every company has to mandatorily appoint statutory auditors for examining the true and fair view of the financial statements and to express an opinion on such financial statements. Apart from statutory auditors, there are other types of auditors to be appointed for monitoring the statutory compliances, risk / fraud management system, internal control system and for reviewing the overall performance of the management and various functions in an organisation. The webinar covers the aspects of provisions relating to appointment of statutory auditors/ internal auditors, qualification and eligibility criteria for appointment, statutory compliances and judicial precedents.
This presentation explains about the meaning as well as various types of audit report which an auditor has present in his books of accounts for the sake of the company's shareholders and various other groups.
In this presentation, we will discuss elaborately on strategic operations management, concept of strategy, five tasks of strategic management, strategic management process and importance of strategic management. We will also talk about role of operations in strategic management and elements of operations strategy,.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit: http://www.welingkaronline.org/distance-learning/online-mba.html
(Adding value through all round auditing. Taking the game to the next level)
Internal Auditors are now required to review the entire spectrum of business activities in the organisation. Business processes and functions such as strategy development areas that have to be reviewed. This intensive hands-on 2-day program will provide participants with the skills to evaluate key areas of the organisation which were previously left unaudited. Reports from the audit of such areas will provide management with relevant information that will make them realize the significance of the internal audit activity
[To download this presentation, visit: https://www.oeconsulting.com.sg/training-presentations]
ISO 22301:2019, Security and Resilience - Business Continuity Management System (BCMS), is the latest international standard for implementing and maintaining effective business continuity plans, systems and processes. This new standard replaces the old ISO 22301:2012.
This ISO 22301:2019 (BCMS) awareness PPT training presentation can be used to brief management and staff, new hires and potential auditees so as to create awareness of the ISO 22301:2019 standard. Alternatively, the presentation may be used to supplement your materials for the training of BCMS professionals and internal auditors.
LEARNING OBJECTIVES
1. Provide background knowledge of ISO 22301
2. Gain an overview of ISO 22301 structure and the certification process
3. Gather useful tips on handling an audit session
Analysis of Nine Pillars of Corporate Governance Principles for Small and Med...Karan Mahajan, CCRA
The report involved critically analyzing the nine pillars of corporate governance for SMEs in Dubai, providing recommendation for strengthening the principles as well as comparison with OECD Principles of Corporate Governance, Commonwealth Association for Corporate Governance and Corporate Governance principles in India.
The UAE has a thriving business environment with a diverse range of industries, including finance, real estate, tourism, and construction. As a result, there is a need for effective management systems to ensure that businesses operate smoothly and efficiently.
2. Meaning :-
The Examination review of various policies and action
of the Management on the basis of certain specified objectives.
Definition :-
Management Audit is Independently Examination of
organisation structure, operation function ,Analyzing goals ,plans
,Policies, Activities, weaknesses and Evaluation of earning
capacity of the Management.
Management science 2
22/09/2012
3. To identify the level of achievement of the main objectives of
organisation .
To indentify the defects or irregularities of management
executives .
To ensure that the management is going to achieve the
objectives.
To help the management to do efficient administration of the
operations.
Management science 3
22/09/2012
4. To help management executives in the effective discharge of
their responsibilities.
To suggest to the management the way and mean available to
achieve the objectives.
To improve the profitability of the organisation.
To obtain or utilize the full efficiency of the management.
To help the management executives in the effective discharge
of their duties.
Management science 4
22/09/2012
5. Scope of Management Audit
Management audit will depend upon the objective and
requirement it’s Scope of Management Audit
Briefly Explanation of Review :-
Objective , goals , plans and policies of Management.
The results of various operations department-wise.
The planning process and appraisal of planning and utilization of
finance and human resources.
Physical processes and activities of delegation of authority.
Management science 5
22/09/2012
6. Organistion structure and appraisal of result of such
management decisions.
Rules , regulations and methods fixing responsibility by
management executives.
i.e., systems and procedures of the organisation.
Management office information operations systems and
appraisal of its effectiveness.
Management control Personnel policies system and techniques
followed by management.
Selling and distribution system and appraisal of its
effectiveness.
Operation its the purchasing and productions of there
effectiveness.
Management science 6
22/09/2012
7. Important of Management Audit
Management functions and processes in order to improves its
efficiency.
A change in the method of purchase in beneficial to the
company.
Expected top suggest that change in the system of running the
business would be beneficial to the company.
The success or failure of business or company depends fully on
the quality of management.
Management science 7
22/09/2012
8. Each company wants to minimize the cost of production by
eliminating wastage and utilizing full manpower to make in the
competitive business world.
Banks and financial institutions may require management audit
to find out whether the loan amounts have been properly
utilized or not .
Management audit assists the foreign collaborators to asses the
progress and performance of the management of the concern
with which collaboration has been undertaken.
The management audit is necessary to find out the best method
of improving efficiency.
Management science 8
22/09/2012
9. Role and Purpose of management
Audit
Role of the Management The purpose of management
Auditors is as follows:- audit is manly to inform the
company about the total
Attention to accounting
revenue generated on day,
details
how much the company is
Procedural control owed by the guests both in
Occupancy percentage house and checked out and
Summarize the result of producing operational and
operation management reports. An
Summary of cash , cheque effective management audit
,credit card increases the probability of
correct account settlement.
Management science 9
22/09/2012
10. Advantages of Management Audit
Management audit provides information about strong and weak
point of the management after reviewing policies and programs.
So, it helps to the smooth operation of an organization.
Management audit provides suggestions to the management
which helps to maintain effective management.
Management audit helps the management providing suggestions
to attain goal of an organization.
Management science 10
22/09/2012
11. Disadvantages of Management Audit
Management auditor cannot understand the practical
problems. So, the suggestions provided by them is theoretical
but not practical.
Scope of management audit is vague. So, it does not help to
achieve specific goal.
Generally management give more emphasis on maintaining
books of accounts rather than concentrating on other factors.
So, it consumes time of farsighted management.
Management science 11
22/09/2012
12. Qualification of the management
audit
No qualification have been prescribed
Generally CA
Knowledge of accountancy, financial administration &
management
The get valuable suggestions for improving the management
executives
Management science 12
22/09/2012
13. Difference Between Management
Audit And Statutory Audit
statutory audit is one conducted to meet the particular
requirements of a governmental agency.
Where such audits take place, the scope and audit programs are
set by the governmental body.
Banks, insurance companies, and brokerage firms have statutory
audits. Since the auditor's report must conform to standards
required by the governing agency, the statements and other
financial data generated from these audits may not conform to
Gap.
Audit management is responsible for ensuring that board-
approved audit directives are implemented to company appointed
CA
Management science 13
22/09/2012
14. Benefit of Management Audit
Analyze and understand your company’s financial records.
Identify key areas for improvement in your company.
Assess risks, economy, efficiency and quality.
Evaluate new technology.
Uncover fraudulent or other illegal activities within your
company.
Reinforce and strengthen internal control.
To derive greater value, management may also consider
giving a broader role to internal audit and include elements
of enterprise risk management into the internal audit
charter.
Management science 14
22/09/2012
15. Determine the objective of the report, i.e., identify the problem.
Collect the required material (facts) for the report.
Study and examine the facts gathered.
Plan the facts for the report.
Prepare an outline for the report, i.e., draft the report.
Edit the drafted report.
Distribute the draft report to the advisory team and ask for
feedback and recommendations.
Concentrate on the report structure and matter. Pre-decide the
report writing style. Use vivid structure of sentences.
The report should be neatly presented and should be carefully
documented.
Management science 15
22/09/2012