Audit

Basic Elements or Components of Internal Control The whole system of internal check, internal audit and other forms of control, financial and otherwise established by…

Audit Documentation of Understanding Audit documentation should be prepared in sufficient detail to provide a clear understanding of its purpose, source, and the conclusions reached.…

Distinguish between Internal Audit and Statutory Audit An internal audit is conducted by the permanent staff of the office to detect weakness in system, procedures…

Distinguish among Internal Check, Internal Audit, and Internal Control An internal check is the splitting of work tasks so that one person is not accountable…

Documentations of Internal Control Internal control is an efficient system of control is established by the management in the conduct of mousiness including internal cheek,…

Procedure to obtain an understanding of Internal Control Structure Internal control is an efficient system of control is established by the management in the conduct…

The Inherent Limitations of an Entity’s Internal Control Structure One of the fundamental concepts identified earlier is that internal control can be provided only reasonable…

Internal control: “An efficient system of control is established by the management in the conduct of mousiness including internal cheek, internal audit, and other forms…

Audit risk is the risk that the auditor may unknowingly fail to appropriately modify his or her opinion on financial statements that are materially misstated.…

Determining the Materiality Level of the Financial Statements Financial statements are materiality misstated when they contain errors or irregularities whose effect, individually or in the…