Day: January 7, 2022

A management audit may be defined as an enquiry into the advisability of any of the policies of the board of directors in furthering the objectives of the business as defined in the memorandum and /or into the efficiency with Read More …

The extent of reliance on the internal audit work depends upon many factors some of which include the following: Materiality Level of audit risk Judgment level required Sufficiency of complementary audit evidence Specialized skills of the internal auditor In conclusion Read More …

The external auditor may rely on the work of internal auditor while carrying his/her audit work. The internal and external auditor must co – operative due to the following reasons: Internal audit forms part of internal control system which has Read More …

The internal auditor’s approach to his/her work depends on how his/her role is defined in organizational chart but most of the internal audits are included in the following broad definitions Operational Audits – this means an audit of a specific Read More …

Introduction Generally the audit to be undertaken depends on the reason as to why the auditing exercise is required. There are quite a number of types of audits. These are:  Statutory Audits Private Audits  Internal Audits Management Audits Government Audits Read More …

Internal control system is of paramount important in any business enterprise. The following are the reasons why the system is important: Enables management to carry out the business in an orderly and efficiently Internal controls lay down the various procedures Read More …