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Some typical stages in the audit process. An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon."
In audit management, a process audit is an audit of a business process to ensure it is effectively conforming to the expected standards. [1] [2]
Verification is an auditing process in which auditor satisfy himself with the actual existence of assets and liabilities appearing in the Statement of Financial position. [1] Verification is usually conducted through examination of existence, ownership, title, possession, proper valuation and presence of any charge of lien over assets.
An audit report may have an executive summary – a body that includes the specific issues or findings identified and related recommendations or action plans, and appendix information such as detailed graphs and charts or process information. Each audit finding within the body of the report may contain five elements, sometimes called the "5 C's":
Audit management helps simplify and well-organise the workflow and collaboration process of compiling audits. Most audit teams heavily rely on email and shared drive for sharing information with each other. Audit management oversees the internal/external audit staff, establishes audit programs, and hires and trains the appropriate audit personnel.
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
Audit planning is a vital area of the [audit], primarily conducted at the beginning of audit process, to ensure that appropriate attention is devoted to important areas, potential problems are promptly identified, work is completed expeditiously and work is properly coordinated. "Audit planning" means developing a general strategy and a ...
This process performed in the first year will require extra time added to the traditional audit, so it may initially take longer than sampling. [13] Additionally, audit data analytics can assist with an auditor's risk assessment; the auditor can identify the company's trends and compare them to the industry norms using this technology. [13]