1. Audit Procedures – Tasks the auditor undertakes include: collecting, analysing, interpreting and documenting information during an audit. They are the means used to attain audit objectives.
2. Audit Programme – A document that lists audit procedures to be followed during an audit or it outlines necessary steps to achieve the objectives of an audit engagement within the designed scope.
3. Audit Report – A signed, written document which presents the purpose, scope and results of the audit including findings, conclusions and recommendations.
4. Audit Risk –The risk that information/financial reports will contain financial errors that the auditor may not detect.
5. Audit working papers – A record of the information obtained, analysis made and information made during an audit. They support the basis of findings and recommendations to be reported.
6. Auditee – Comprises of a legal entity, public body, procurement unit that is subject to audit of the committee.
7. Compliance – It is conforming and adherence to plans, procedure, laws, regulations, contracts, guidelines or other requests.
8. Control – Any action taken by public bodies management and their parties to manage risk and to increase the likelihood that established objectives and goals shall be achieved.
9. Independency – Allows auditors to carry out their work freely and objectively and requires that auditors be independent of the activities of the audit.
Ethical threats to auditors‘ independence include:
- Self-interest threats.
- Self-review threats.
- Familiarity threats.
- Advocacy threats.
- Intimidation threats.
- Management threats.
10. Internal Control – A process within the organization designed to provide reasonable assurance regarding the assurance of following objective.
- Reliability and Integrity.
- Compliance with plans.
- Safeguarding Assets.
- Economical and efficient use of public funds.
- Accomplishment of organizational objectives and goals.
11. Objectivity – An independent mental attitude which requires auditors to perform audits, in such a manner that they have an honest belief in their work and that no significant quality compromises are made.
12. Risk – The probability that an event or action may adversely affect an organization‘s activities or audit.
13. Risk Assessment – The systematic process for assessing and integrating professional judgement about probable adverse conditions or events.
14. Risk Management – An approach designed to identify, assess, manage and control potential risks and situations inherent to procurement systems in order to provide reasonable assurance regarding adverse conditions of organization objectives.
15. Materiality – An item or information is material if its omission or misstatement will influence the users of the audited financial statements. An item may be material because of its nature.
