Internal audit is a function of the organization which performs to provide the assurance and consulting activities designed to evaluate and improve the effectiveness of the governance, risk management and internal control processes. Internal audit is a key element of effective corporate governance. As per the IIA, the word corporate governance had become a staple […]
INTERNAL AUDITING’S ROLE IN CORPORATE GOVERNANCE Read More »
According with the Merriam Webster dictionary, the word “Conflict of Interest” with abbreviation called “COI” refer to a conflict between the private interests and the official responsibilities of a person in a position of trust. The definition of “Conflict of Interest” also defined its meaning through Wikipedia and stated that conflict of interest refers to
What does Conflict of Interest (COI) mean? Read More »
Introduction Commercial banks play a crucial economic role by providing financial services to individuals and businesses. However, running a bank involves dealing with various risks and uncertainties. These risks can affect the bank’s stability and profitability. Understanding these risks and how to manage them is essential for the health of any commercial bank. In this
Understanding Risk and Uncertainty in Commercial Bank Read More »
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
What is Internal audit Charter? Read More »
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.
What is Risk-Based Internal Auditing? Read More »
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
What is an Audit Plan? Read More »
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,
What is an Audit Universe? Read More »
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
Audit Working Paper Read More »
