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NATURE OF INTERNAL AUDIT WORK (ORGANISATIONAL TERMINOLOGY (POLICY (RULES,…
NATURE OF INTERNAL AUDIT WORK
ORGANISATIONAL TERMINOLOGY
STRUCTURE
ORGANOGRAM
POLICY
RULES
CODE OF ETHICS
PROCESS
FUNTIONALS
PROCEDURES
ACTION COURS
SYSTEMS
TOOLS
GOVERNMENT RISK CONTROL
NATURE OF WORK
AUDIT ACTIVITIES MUST IMPROVE THE GOVERNANCE,RISK MANAGEMENT AND CONTROL PROCESS
GOVERNANCE 2110
MAKING STRATAGIC AND OPERATIONAL DECISIONS
PROMOTE BETTER ETHICS AND VALUES WITHIN THE ENTITY
RISK MANAGEMENT
SIGNIFICANT RISK ARE IDENTIFIED AND ASSESSED
CONTROL PROCESS
ASSETS ARE SAFE GUARDED
IMPORTANCE OF AUDITING
OBJECTIVES OF INTERNAL CONTROL
OPERATIONAL OBJECTIVE
SAFEQUARDING OF ASSETS
REPORTING OBJECTIVE
INTERNAL AND EXTERNAL REPORTING
COMPLIANCE OBJECTIVES
COMPLICES WITH LAWS AND REGULATIONS ALSO CONTRACTS
WHAT IS INTERNAL CONTROL
ITS IS DESIGNED TO PROVIDE REASONABLE ASSURANCE REGARDING THE ACHIEVEMENTS
AFFECTED BY AN ENTITY BOARD OF DIRECTORS
COSO FRAMEWORK AND INTERNAL CONTROL PROCESS
COSO COMPONETS
MONITORING
INFORMATION AND COMMUNICATION
CONTROL ACTIVITIES
RISK ASSESSMENT
CONTROL ENVIRONMENT
CONTROL ENVIRONMENT
PHILOSOPHY AND STYLE OF SENIOR MANAGEMENT
PLANNING
MUST PLAN THE OBJECTIVES FOR THE ENTITY
PLAN FOR FUTURE PURPOSES
ORGANISING
ORGANISE EMPLOYEES
SHARE RESPONSIBILITIES
DIRECTING
DIRECT EVERY ACTIVITIES WITHIN THE ENTITY
PROCESS OF ALLOCATIND RESOURCES
CONTROLLING
COMPARE THEM WITH ECTUAL RESULTS
MUST ENSURE DIRECT AND POSITIVE ACTIONS
THE ORGANISATIONAL STRUCTURE
ALSO KNOWN AS HIERARCHY
MUST BE SUITABLE FOR THE ENTITY
MUST HAVE GROUPING OF ACTIVITIES
METHODS USED TO COMMUNICATE TASK AND RESPONSIBILITIES TO PERSONAL
FOCUS ON ORGANISATIONAL POLICY
ASSIGNMENT OF RESPONSIBILITIES AND DELIGATIONS
HUMAN RESOURCES MANAGEMENT
PERSONNEL PRACTICE CATEGORISED
APPOINTMENT AND EVALUATION OF PERSONNEL
PERSONNEL SCHEDULING
CAREER PATH POSSIBILITIES
RESPONSIBILITY FOR INTERNAL CONTROL
RESPONSIBILITY OF MANAGEMENT
ORGANISATIONAL OBJECTIVES
RISK
MANAGEMENT IMPLEMENTATION
FUNCTIONS OF THE EXTERNAL AUDITING
INTERNAL AUDITING FUNCTIONS
PROS AND LIMITATIONS OF INTERNAL CONTROL
PROS
PREVENT RESOURCE LOSSES
PROMOTE RELIABLE FINANCIAL REPORTING
ACHIEVE ITS GOALS FOR PROFITABILITY AND OUTPUTS
LIMITATIONS
ENSURES AN ORGANISATIONAL SUCCESS
CONTROL IN AN INFORMATION TECHNOLOGY
GENERAL CONTROLS
SECURITY CONTROLA RELATED TO IT
APPLICATION CONTROL
CESSING CONTROL
OUTPUT CONTROL