The internal Audit Charter is a formal document which it is specifies the internal audit function’s purpose, internal audit authority, responsibility, and position in the internal audit department. The internal audit charter, is normally, required to perform an annual review by the audit committee and the board of directors and which the internal audit department …
Risk-Based Auditing is common it and primarily focuses on audit risks, inherent risk, control risk, and detection risk in the activities or process system to ensure that internal audit activity is providing assurance and advisory service to the related organization’s risk area within the risk is being managed and the risk appetite level is defined. …
Audit Committee (AC) is one of the committees of the organization’s board of directors which is oversight and facility decision-making address matters to the financial reporting process, audit process, the internal control system of the organization, compliance with law and regulation. The audit committee is one of the organization’s board directors which is responsible for: …
What is the audit committee? and the Roles & Responsibilities. Read More »
What is an Audit Program? Audit program is a consolidation of the audit procedures in which the auditor need to review and follow those procedures to complete the audit assignment. It is usually written out of the audit procedures by navigating the auditor to the roadmap, audit engagement testing goal, and to keep the auditor …
What is an Audit Program? Why it is important? (Revised) Read More »
What is an Audit Plan? Audit plan or “the annual audit plan” is the list of audit engagements that the internal audit function conducts the audit activities or assurance service in the agreed period for the coming year. The result of defining risk assessment in the performing of audit universe and auditable activities will identify …
Audit Universe or Risk Universe or also called Risk-Based Auditing” determines the potential of auditable areas and audit activities for carrying out the auditing review as regard to the schedule of the audit period. The audit universe prepares it in various ways for the types of businesses. In general, it consists of the auditable areas, …
Introduction Audit working papers are the documents that record the audit evidence obtained during financial statements auditing, internal management auditing, information systems auditing, and investigations. Audit working papers give detailed information of accounts under audit. They are written and private papers prepared by the auditor during the audit. They basically consist of account information, investigation …
Introduction Audit sampling is defined as the application of audit procedures to less than 100% of the items within a population of audit relevance such that all the sampling units have a chance of selection to provide the auditor with a reasonable basis on which to draw the conclusion about the entire population. The sampling …
Introduction: The purpose of insurance is generally created to share or spread the risk among the people or the entities with the insurance business is called the “insurer”. which the insurer provides the renter insurance to the people or entities through issuing the insurance policy. The insurance business is to sell rights the prevent bad …
