By Patrick Onwura Nzechukwu
This ebook addresses the perform of inner auditing utilizing GAAS (Generally authorized Auditing Standards), GAGAS (Generally approved govt Auditing criteria) and foreign criteria for the pro perform of inner Auditing (Standards) as enunciated by way of the IIA. targeted in that it's essentially written to lead inner auditors within the procedure and approaches essential to perform professionally authorised inner audit capabilities, it contains every thing essential to begin, whole and review an inner audit perform, simplifying the duty for even non-professionals.
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Extra resources for Internal Audit Practice from A to Z
2010). Definition of Internal Auditing. Institute of Internal Auditors. International Auditing Standard 610. (2007). Considering the Work of Internal Audit. Issued by the Auditing and Assurance Standards Board (AUASB). ISO 19011. (2002). Guidelines for quality and/or environmental management systems auditing. htm. Murphy, D. (2002). GE completes Enron Wind acquisition; Launches GE Wind Energy Desert Sky Wind Farm. htm +&cd =1&hl=en&ct=clnk&gl=ng. Nigerian Standards on Auditing 26. (2013). Considering the Work of Internal Audit.
Review documents and communicate: After the meeting, any documents immediately presented by the auditee should be reviewed to gather relevant information that might not have been available before (an example would be a process improvement that is being used on a trial basis but is not yet in the documentation). A general rule is that communication should be maintained throughout the audit. Carry out the audit: This step is often thought of as the actual audit. The auditor asks the questions, and collects the records and observations that will demonstrate if the processes meet the QMS requirements.
According to the Virgin Islands (2015), in the public sector, the main objective of the internal audit department is to determine that those entrusted with public resources are establishing and maintaining effective controls to 1. 2. 3. 4. Accomplish goals and objectives in the most efficient and economical manner Comply with applicable laws and regulations Safeguard public resources Assess the accuracy and reliability of financial information 6 ◾ Internal Audit Practice from A to Z Thus, internal audit activity can play an important role and support the board and management in fulfilling an essential component of their governance mechanisms.