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AUDIT & ASSURANCE SEM 2 - Coggle Diagram
AUDIT & ASSURANCE
SEM 2
M1
audit definition
'independent'
'opinion'
types of org
assurance engagement
participants
responsible party
intended user
practitioner
assurance levels
limited
reasonable
origin & history
internal audit
objectives
functions
AAAPRRS
external audit
objectives
PEPSI
scope
rights
duties
difference
SORRI
professional ethics
OPPIC
corporate governance
responsibilities of BOD
objectives
limitations & shortcomings of audit
account vs audit
ADG-PPLS
M2
engagement requirements
tendering & client screening (BIRI)
terms of engagement
preconditions
engagement letter
general principles
quality control
review
hot
cold
peer
risk
audit risk
inherent risk
control risk
detection risk
imp of risk assessment
error & fraud
mgt responsibilities
auditors responsibilities
M3
internal controls
components
risk assessment
info systems
control activities
monitoring
control environment
use & evaluation
record systems
identify deficiencies
test
application
general IT
sales cycle
order received
goods dispatched
raising invoice
recording sales
test
testing
inventory
cash at bank
cap expenditures