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AUDITING - Coggle Diagram
AUDITING
Relationships between
Client
Auditor
Types of Financial Audits
Legal
Statutory audits
Medium and large companies
Partnerships
Cooperatives
Specific industries (banks, insurance companies, hospitals)
Consolidated financial statements
Voluntary audits
Financial position, management, etc.
Nature
Internal audits
Checking for completeness, accuracy and reliability
Deviations from standard operating procedures
External audits
Dispute audits
Unrestricted audits
Objective of audit
Compliance with the law
Economic viability and management
Irregularities and fraud
Entity subject to audit
Industrial companies
Banks
Insurance companies, etc.
Timing of audit
Periodic
One time
Stages
Planning
Scope & Objectives
Info on processes
Existing controls
Audit program preparation
Fieldwork
Audit Report
Follow-up Review
Meetings...
Auditor
Senior officer responsible for the unit