Month: March 2022

Professional ethics are a set of rules and regulations imposed by the professional body to govern the conduct and practice of the members of that profession. The practising auditors and accountants are governed by the rules and regulations imposed by Read More …

1. Explanation of the audit – Explains to client what the audit involves. 2. Method to be used in the audit. 3. Has to highlight the legal framework for conducting the procurement audit. 4. Concept of audit evidence. Auditor will Read More …

This is a letter sent by the auditor to the client before the commencement of an audit by the client. It should be accepted by the client in writing, it is written to create a contract or legal relationship between Read More …

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 …