Day: March 19, 2022

1. The Title – The procurement audit report must have an appropriate title for the assignment undertaken. 2. Introductory Paragraph – The opening statement that identifies the procuring entity whose procurement systems and processes have been audited. 3. Addressee – Read More …

1. Provides framework within which sufficient audit evidence can be obtained. 2. Forces clarification of audit thinking in determining how the audit objective will be met. 3. Minimizes risk of over auditing and wastage of time. 4. Facilitates more expeditions Read More …

Audit sampling is a procedure that involves application of audit tests to less than 100% of the items within a particular population to enable the auditor to draw a conclusion concerning the entire population. Sampling risk – Risk that auditor‘s Read More …

1. Cases where 3rd party may collude with management to give misleading information. 2. Vouching may be done on samples that may be biased leaving some areas with possible fraud. 3. Where the internal control system is weak, auditor may Read More …

Strength of internal control system Materiality of items being checked Risks associated with a given evidence Persuasiveness of a given evidence Possibility of management bias

The objective of procurement audit is to design and perform audit procedures in such a way as to enable the auditor to obtain sufficient and appropriate audit evidence so as to draw reasonable conclusions on which to base the audit Read More …