Please enable JavaScript.
Coggle requires JavaScript to display documents.
NATURE OF INTERNAL AUDIT WORK (Coso framework (control enviroment…
NATURE OF INTERNAL AUDIT WORK
Importance of internal control
objectives
meaning of internal control
Control in information enviroment
general controls
application controls
Coso framework
control activities
risk assessment
information and communication
control enviroment
philosophy and style of senor management
planning
organising
directing
controlling
monitoring
Risk assessment
initiate plans and programmes
actions to address risks
identified,analysed and controlled
Information and communication
effective communication
activities relate to the work of others
information to be identified
Limitations of internal control
reliability of financial reporting and compliance with legislation
organisations success
control activities
achieve objectives
preventive controls
detective controls
corrective controls
pre
policies and procedures
Types of internal control activities
adequate documents and records
safeguarding of assets and information
proper authorisation of transactions and activities
independent checks
segregation of duties
Monitoring
process
structures
responsibility of management
control activities are adequate
objectives
The function of external auditor
controls that relate to financial statements
evaluation of financial controls
accounting systems
related internal controls
express opinion on reasonableness
Advantages of internal control
reliable financial reporting
compliance with legislature
resource losses
organisation becoming tarnished
its goals
function of internal auditor
continuos improvements
maintaining effective controls