internal audit is defined as an independent appraisal activity within an organisation for the review of accounting, financial and other controls as a basis of service to management. It is the managerial control which functions by measuring the effectiveness of other controls. Internal auditor is an employee of the organisation and is responsible to its management. Internal auditor requires a … Read the rest
In most cases, users of financial information would expect a practitioner to provide 100% assurance during the audit or assurance engagement. Issuing such assurance level is not practical due to inherent limitations that are associated with assurance engagements. For this reason, International standards on assurance engagement (ISAE 3000) do not permit a practitioner from issuing a total assurance (absolute) … Read the rest
Internal control refers to the design and utilization of all the means whereby management is enabled to effectively safeguard the company’s assets and to administer current operations and plan for the future.
The following are the main objectives of internal control structure:
- To ensure the orderly and efficient conduct of business.
- To ensure that transactions are executed in accordance with
Internal auditors are the person hired or employed by the organization, to help monitor organization internal control and help the management of the organization manage risk facing the organization. The duties of the internal auditor depend on the nature of organization activities since the auditor is hired or employed by the organization to ensure that the organization achieves its strategic … Read the rest
Control risks is the risk that a misstatement that could in an assertion about a class of transaction, account balance or disclosures and that could be material, either individually or when aggregated with other misstatement will not be prevented or detected and corrected on timely basis by the entity’s internal control. … Read the rest