Operational auditing evaluates an organization's effectiveness, efficiency, and operations to identify improvements. It is becoming increasingly important for companies due to factors like globalization and decentralization. An operational audit involves preliminary preparation, field surveys, developing an audit plan, applying the plan, and reporting findings and recommendations. It helps ensure organizations achieve their goals and identifies problem areas to focus audit efforts.
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).
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.
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
The most comprehensive definition of internal audit is given by the IIA, USA. It is,
"Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes."
The purpose of the presentation is to provide clarification for a better understanding of what internal audit definition, objectives, functions, stages and reporting are all about? What difference does it make in the presence of an external audit? How different is its scope from that of the external audit? How internal audit standards contribute to better performance of internal audit work and its reporting to the Board or Audit Committee?
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 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).
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.
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
The most comprehensive definition of internal audit is given by the IIA, USA. It is,
"Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes."
The purpose of the presentation is to provide clarification for a better understanding of what internal audit definition, objectives, functions, stages and reporting are all about? What difference does it make in the presence of an external audit? How different is its scope from that of the external audit? How internal audit standards contribute to better performance of internal audit work and its reporting to the Board or Audit Committee?
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 document is for Internal Auditors who find it very difficult to handle Procurement Audit. It simplifies the approach, the people, the expectation, reactions and the strategy to successfully handle procurement mostly in oil and gas companies around the World.
Here is a power point presentation that will help you understand about Procurement Audit Course and why it is necessary in today's competitive business world. Take a look.
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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.
Financial Statements Audit by professionals in MelbourneMizael Partners
An audit process examines all the financial statements and records to generate an Audit report. Protecting your business from all tax and audit hassles.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
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.
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.
For more information, visit-www.vavaclasses.com
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.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
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http://sandymillin.wordpress.com/iateflwebinar2024
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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.
TESDA TM1 REVIEWER FOR NATIONAL ASSESSMENT WRITTEN AND ORAL QUESTIONS WITH A...
Operational Auditing
1. Manny Salazar
OperMgt 345
Mini-Tutorial Report
November 18, 2002
Operational Auditing
Increased competition, a shrinking world, and the decentralizing of operations are
factors that have greatly magnified the role which operational auditing plays in the
success of a company. The desire of management to monitor the overall operations of the
company has increased the amount of internal auditors finding themselves involved in
operational audits. The function has started to assume an even greater importance than
any time in the past.
Operational Auditing Defined
Operational auditing is a technique used by an organization to evaluate it’s
effectiveness, efficiency, and nature of its operations and report to appropriate persons
the results of the evaluation along with recommendations for improvement. The
objectives are to assure management that its goals are being carried out and whether or
not they are capable of being improved.
Operational auditing uses common sense along with logical audit techniques to
apply findings to organizational objectives, operations, controls, communications, and
information systems. The auditor performing the evaluation is concerned with the whom,
what, when, where, why, and how of running an efficient and effective operation. This
means that the auditor must have knowledge of the company’s operations.
How to use Operational Auditing
The purpose of operational auditing is to assist employees of the company in
effectively performing their responsibilities. The auditing provides them with analysis,
recommendations, advice, and information concerning the activities reviewed. In order
2. for the audit to be successful and provide this type of feedback, five phases of an
operational audit exist and must be completed. The five steps are: preliminary
preparation, field survey, program development, audit application, and reporting and
follow up. Each step in the audit has its purpose and depends on the success of the
previous step.
In the preliminary preparation step, the auditor must research and have a good
understanding of the company that he/she is auditing. The history of the company,
available technology, values of the company, and unique characteristics of the company
are just a few of the things that an auditor will want to have knowledge of. It is important
that the goals, objectives, policies, strategies, and tactics of the company also be clearly
revealed by management to the auditors.
In the field survey step, the auditor uses the information in the first step to begin
asking questions of management. More specific problem areas, sensitive activities, and
crucial operations will be identified in this step. When this step is completed, the auditor
will know where to focus the audit efforts on. The next step will be to develop a written
audit plan that will set the objectives and steps to follow during the audit. This plan is
usually a well-detailed outline on what is to occur in order to accomplish the objectives
of the overall audit. Since each audit is unique in its objective, this step is important to
the success of the audit.
Once the audit plan has been well developed, the auditor will begin to apply the
plan and perform the audit. The audit will more than likely take place on the auditee’s
premises. During this step the problem areas, sensitive activities, and crucial operations
that were identified in the field survey will be reviewed in depth. In this step techniques
such as cause-and-effect relationships are developed to be able to report
3. recommendations, conclusions, and other findings. This is usually the most time
consuming step in the audit and it is important for all information to be carefully recorded
and documented in order to be able to refer to it after the physical audit has taken place.
If the audit application step is done effectively, the reporting and follow-up step is
much easier to perform. This is perhaps the most critical part of the operational audit. A
good audit report will effectively communicate the recommendations and conclusions to
management. The report will be supported by all the documented facts, findings, and
opinions that were gathered during the audit application. The reporting step should
include a follow up step to determine what if any action needs to take place in order to
improve the operations of the company.
Some companies have an internal audit department that can effectively perform
all of these duties. In other cases, a company will hire an auditor to come in and perform
the audit for them. In either case, careful and correct audit standards need to be used to
prevent any bias or inaccurate conclusions from occurring.
An Example of an Operational Audit
The Oklahoma Employment Security Commission had an operational audit
performed in their department in November of 2000. The commission and executive
directors wanted to make sure that operations within the agency were efficient and
correctly following management instructions, federal and state laws, regulations, policies,
and procedures. In their case, the audit was performed by the Oklahoma Department of
Internal Audit. The internal audit department reported to the commission and executive
directors throughout the activities of the audit.
4. References for Further Information
There is a great amount of literature available for reading on the topic of
operational auditing. The Institute of Internal Auditors founded in 1941 has developed
credentials for those who wish to work in the auditing field. There are a large number of
organizations that offer seminars and workshops for those companies who wish to start or
improve an audit department within their company. For the companies who do not find it
feasible to implement an internal audit department, there are many auditing firms out
there who are specialized to perform the work for them. More CPA firms are becoming
involved with this type of work as well. Below is a list of sources that I found useful in
learning about operational auditing.
- American Institute of Certified Public Accountants. www.aicpa.com
- Casler, Darwin J., Crockett, James R. Operational Auditing: An Introduction.
The Institute of Internal Auditors, Inc. 1982.
- Coactive Connection. Operational Audit.
www.coactiveconnection.com/operatio.htm
- Haley, Donald C. Decentralized Operational Auditing. Mid-Atlantic Journal
of Business. 1990. V26. P81-89.
- Oklahoma Employment Security Commission. Department of Internal Audit.
www.oesc.state.ok.us.htm
I think you will find that there is an increasing need for operational auditing in the
success of a company. Operational auditing is often a huge step for a company. Making
sure that it is performed effectively will ensure that the company is able to accomplish its
goals and objectives in the future.