Day: March 17, 2022

An organization‘s internal controls are designed to manage internal risk. Internal controls facilitate effectiveness and efficiency of operations and contribute to delivery of risk objectives. They are put in place to manage both internal sources of risk and the impacts Read More …

1. Volume of transactions – The higher the value of the higher the risk. 2. Value/Amount of funds involved. 3. The complexity and strength/weakness of the procurement systems, internal controls, and duties may give higher risk. 4. Sensitivity of the Read More …

The initial risk identification can involve a combination of one of the following activities: Environment scanning and corporate appraisal. Market intelligence gathering and management information system. Critical incident investigation. Process audit. Periodic checks and inspection. Examining project plans and supply Read More …

FUNDAMENTAL OF COMPUTING. BUSINESS INFORMATION MANAGEMENT. BUSINESS AND ENTERPRISE MANAGEMENT. CUSTOMER RELATIONSHIP MANAGEMENT. COMPUTER AND SOCIETY. FOUNDATION OF PHYSICS IN IT. INTERNET AND THE WEB – FRED. INTRODUCTION TO INFORMATION SYSTEMS.   CUSTOMER RELATIONSHIP. BUSINESS INFORMATION MANAGEMENT. BUSINESS AND ENTERPRISE Read More …

Audit risk = Interest risk x Control risk x Detection risk Audit risk – Auditor may give wrong information on audit statement. Control risk – Risk that internal control system will fail to prevent fraud and errors from occurring. Detection Read More …

1. Deviation from correct procedure. 2. Overcharging suppliers. 3. Poor record keeping. 4. Missing files. 5. Poor/ No segregation of duties 6. Unnecessary meetings with suppliers. 7. Resistance to procurement audit.