Management Audits

A management audit may be defined as an enquiry into the advisability of any of the policies of the board of directors in furthering the objectives of the business as defined in the memorandum and /or into the efficiency with Read More …

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Extent of Reliance

The extent of reliance on the internal audit work depends upon many factors some of which include the following: Materiality Level of audit risk Judgment level required Sufficiency of complementary audit evidence Specialized skills of the internal auditor In conclusion Read More …

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Reliance on Internal Audits

The external auditor may rely on the work of internal auditor while carrying his/her audit work. The internal and external auditor must co – operative due to the following reasons: Internal audit forms part of internal control system which has Read More …

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Methods and Procedures of Internal Auditing

The internal auditor’s approach to his/her work depends on how his/her role is defined in organizational chart but most of the internal audits are included in the following broad definitions Operational Audits – this means an audit of a specific Read More …

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Types of Audits

Introduction Generally the audit to be undertaken depends on the reason as to why the auditing exercise is required. There are quite a number of types of audits. These are:  Statutory Audits Private Audits  Internal Audits Management Audits Government Audits Read More …

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Importance of Internal Controls

Internal control system is of paramount important in any business enterprise. The following are the reasons why the system is important: Enables management to carry out the business in an orderly and efficiently Internal controls lay down the various procedures Read More …

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Types of Internal Controls

Internal control may be defined as “the whole system of control, financial or otherwise, established the management in order to carry on the business of the enterprise in an orderly and efficient way, ensure adherence to the management policies, Read More …

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Internal Control System

Internal control may be defined as “the whole system of control, financial or otherwise, established the management in order to carry on the business of the enterprise in an orderly and efficient way, ensure adherence to the management policies, Read More …

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Importance of Accounting Control System

A system of accounting and record keeping will only succeed if there are strong internal control systems. The purposes of these controls are: To ensure that all transactions are recorded properly Errors and irregularities are avoided Assets and liabilities are Read More …

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Management’s Interest in Accounting System

The management of a business enterprise requires that complete and accurate accounting books and other records are maintained due to the following reasons: The business operations are easy to control when proper books and records are maintained Day to day Read More …

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