Auditing as Mgmt Tool

7/31/2019 Auditing as Mgmt Tool

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I. AUDITING II. AUDITING AS MANAGEMENT TOOL III.SCOPE & FUNCTION IV. FEATURE V. AUDIT EXECUTION VI. AUDIT REVIEW VII.PROVIDE

TAX AUDIT REVENUE AUDIT

INTERNAL AUDIT STOCK AUDIT INFORMATION SYSTEM AUDIT MANAGEMENT AUDIT

CONCLUTION


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Anexaminationandverificationof a

company's financialandaccountingrecordsandsupporting docume by aprofessional
http://www.investorwords.com/13254/examination.htmlhttp://www.investorwords.com/14003/verification.htmlhttp://www.investorwords.com/992/company.htmlhttp://www.investorwords.com/5572/financial.htmlhttp://www.investorwords.com/15745/accounting_records.htmlhttp://www.investorwords.com/15745/accounting_records.htmlhttp://www.businessdictionary.com/definition/supporting-document.htmlhttp://www.businessdictionary.com/definition/professional.htmlhttp://www.businessdictionary.com/definition/professional.htmlhttp://www.businessdictionary.com/definition/supporting-document.htmlhttp://www.investorwords.com/15745/accounting_records.htmlhttp://www.investorwords.com/15745/accounting_records.htmlhttp://www.investorwords.com/5572/financial.htmlhttp://www.investorwords.com/992/company.htmlhttp://www.investorwords.com/14003/verification.htmlhttp://www.investorwords.com/13254/examination.html


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The concept of Internal Audit hasdrastically changed from a system of checking the arithmetical accuracy of

accounting data as in former days to asystem of appraisal of the effectivene

accounting, financial and other operatand controls as an aid to Management

achieve its goals of maximizing produ


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It is meant to be an effective means for the rapid and simultaneous observationof multiple events and transient situation

which, properly assembled, can give a reliable guide to the well-being of an

organization, an advance warning of undesirable trends and an indication of

corrective action.


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The purpose of this form of control is to

assure early detection and rectification oerrors to minimize their recurrence in fut

to achieve economy in expenditure and around efficiency. It ensures that various rand procedures laid down by the Manageare actually followed and acted upon by

the cost centers.


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Features


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Audit Execution:


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Tax Audits


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Income Tax, Corporation Taxor Capital Gains Tax returnsand/orThe returns submitted inrespect of VAT, PAYE/PRSI orRelevant Contracts Tax (RCT).


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Internal auditing is an independent,objective assurance and consultingactivity designed to add value and

improve an organization'soperations. It helps an organizationaccomplish its objectives bybringing a systematic, disciplinedapproach to evaluate and improvethe effectiveness of riskmanagement, control, andgovernance processes.


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a Stock Audit is a term which is generallyused in manufacturing industries where inraw material purchased is converted in to

finished goods. It is important from theperspective of having vigil over thequantity and quality of raw materialsremaining in stores as more than 70% of product cost involves material cost. So, tomonitor the purchase, store and issue of materials a stock audit is done.


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An information technology audit, orinformation systems audit, is an examination of the management controls within an Informationtechnology (IT) infrastructure. The evaluation of

obtained evidence determines if theinformation systems are safeguarding assets,maintaining data integrity, and operatingeffectively to achieve the organization's goals

or objectives. These reviews may be performedin conjunction with a financial statement audit,internal audit, or other form of attestationengagement.


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Audit management is responsible for ensuringthat board-approved audit directives areimplemented.

Audit management oversees the internal/externalaudit staff, establishes audit programs, and hiresand trains the appropriate audit personnel. Thestaff should have the necessary skills and

expertise to identify inherent risks of the businessand assess the overall effectiveness of controls inplace relating to the company's internal controls.


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Auditing is a management tool used toverify that systems and processes arecompliant/conformant, effective, andcontinually improved. The process auditdetermines if process requirements(methods, procedures) are being met,while a system audit determines if systemrequirements (manual, policy, standards,regulations) are being met. This best-

selling handbook is now revised and fullyupdated, organized to correspond exactlywith the ASQ Certified Quality Auditor(CQA) Body of Knowledge (BooK


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It provides comprehensive coveragefor nearly every aspect of the auditfunction. Though a valuable resourcefor studying for the CQA examination,it is also meant to be the single sourcefor quality, environmental, safety andhealth auditors, audit managers, auditteams, and other professionals in the

field.


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The auditing handbook is designed toprovide practical guidance for system andprocess auditors. Practitioners in the fieldhave provided content, example auditsituations, stories, and review commentsas the handbook evolved. New to this thirdedition are topics such as auditorcompetency, business applications, andimprovement tools. Additionally, existing

topics have been expanded to encompassprocess methods, process basedmanagement systems, and ISO 19011guidance.


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The handbook has been refocused topromote the common elements of alltypes of system and process audits(quality, environmental, safety, and

health), and covers the latest auditingterminology and communicationtechnology. The appendixes includeexample forms and an example guide for

when technical specialists (subject matterexperts) are needed on the audit team.

Documents

Auditing as Mgmt Tool