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NATURE OF INTERNAL AUDIT WORK (INTERNAL CONTROL (2.2 OBJECTIVES OF…

- - - - Process
        
        Procedures
        
        Laws and Regulations
  - - - RISK MANAGEMENTtext
        
        CONTROL
        
        COSO III
        
        COSO II
      - KINGS REPORT
- - - - E.Monitoring
      - D. Information and Communication
      - C. Control Activities
      - B. Risk Assessment
      - A. CONTROL ENVIRONMENT
        
        ELEMENTS OF CONTROL ENVIRONMENT
        
        A.1 Philosophy and Styles of Senior Management
        
        Planning
        
        Controlling
        
        Organising
        
        Directing
        
        A.2 The Organisational Structure
        
        Forms and Nature of Organisation
        
        Structure suitable for type of Organisation
        
        Grouping of Activities
        
        A.3 Methods used to Communicate tasks and Responsibilities
        
        Assign Authority and Responsibility to Personnel
        
        Assignment of responsibility and delegation of authority
        
        Job Description
        
        Computer System and Delegation
        
        Organisational Policy
        
        EXAMPLES O METHODS TO COMMUNICATIVE AUTHORITIES
        
        Code of Conduct
        
        Memorandums from Senior Management
        
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        Organisational Chart
        
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        Job Description
        
        A.4 Human Resource Management
        
        Appointment and Evaluation of Personnel
        
        Personnel Scheduling
        
        Regular Rotations of Duties,within Limits
        
        Career Possibilities
        
        Formalization of Personnel Practice
        
        Exercise Psychological Control
        
        Manain High Morale
      - B. RISK ASSESSMENT
        
        Management's Responsibility
        
        Identify
        
        Measure
        
        Ananlyse
        
        Control
      - C. CONTROL ACTIVITIES
        
        Policies and Procedures By Management
        
        Classifications of Internal Control
        
        Preventative Control e.g Segregation of Duties
        
        Detective Controls e.g Independent Checks
        
        Corrective Controls e.g Detection to Correction
        
        Responsibilty of internal control
        
        Responsibilty Resides with BOARD OF DIRECTORS
        
        EXECUTIVE AND NON-EXECUTIVE
        
        EXECUTIVE MEMBER
        
        Works at Company
        
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        NON-EXECUTIVE MEMBER
        
        Present for Board Meetings
        
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        CONTROL ACTIVITIES ARE ADEQUATE AND EFFECTIVE
      - A. Control Environment
      - D. INFORMATION AND COMMUNICATION
        
        To be Identified
        
        To Be Captured
        
        To be Communicated
        
        :in Suitable Form
        
        Enable People to Carry out Responsibilities
      - E. Monitoring
        
        Organisational function in a Changing environment
        
        Assess Quality of Performance
        
        Risk assessment and internal control Activities
        
        Necessary: Organisation's function and Changing Environment