engagements addressed by the AASB pronouncements. It is also meant to direct practitioners to relevant requirements, application and other explanatory material in the CICA Handbook – Assurance. auditing and assurance FOR PUBLIC ACCOUNTANTS PERFORMING AUDIT AND REVIEW ENGAGEMENTS BULLETIN Staff contact Chi Ho Ng, CA, CPA(IL), MBA Principal Auditing and Assurance Standards Department 277 Wellington Street West Toronto, ON M5V 3H2 Tel: (416) 204-3443 E-mail: chiho.ng@cica.ca Fax : (416) 204-3408
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Internal Auditing * Gives you insight into compliance issues, risk assessment, fraud prevention, corporate governance, IT auditing, and many other topics, plus summaries of current audit research, case studies, and feedback on new initiatives and standards from COSO, the Institute of Internal Auditors (IIA), and other organizations. * An independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish
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factors that might have an effect on the entity’s financial status. In this step, the chosen audit team gets familiar to the entity’s application systems understands the accounting process. This step, is the start of analytical procedures. 3. Develop Audit Plan Developing an audit plan consists of 5 main steps. First one is assesing the potential error level and risks. Second step is deciding on the audit approach. Third step is controlling; in this step potential errors are tested such as cutoff
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Contents Executive Summary 4 Introduction 5 The OHSAS 18001 standard: A literature review 5 The audit process: challenges and some propositions for improvement 6 Challenges 6 Propositions for improvement 7 Conclusion 8 Bibliography 9 Executive Summary This report is prepared to provide a brief description about the audit process of OHSAS 18001, which is a framework to effectively manage the Occupational health and safety policies including compliance with the legislation that
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understand those responsibilities. There should also be separation of duties, this will limit fraud and promote accuracy of the accounting records. No one person should be responsible for every aspect of a job. This will cause mistakes to happen. Audits are also a very important internal control procedure so are documents, and electronic devices. What is The Sarbanes-Oxley Act? The Sarbanes-Oxley Act was passed by congress in 2002 with the aim of preventing an assortment of ills related to corporate
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from the deal”). • En Selamat and BOD. Recommendations: • Establish a clear set of policies and procedures within the company. • Develop a whistle blowing policy. • Ensure the independency of the management team. • Conduct internal audit or investigation activities. • Ms Choy: To persuade BOD that the issues in the company can lead to a deterioration of the company’s performance, esp. financially. 4. Internal control • EncikSelamat → had responded to unrelated tasks to
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internal control a. What is internal control? Internal control is a process, effected by an entity’s board of directors, management and other personnel, designated to provide reasonable assurance regarding the achievement of objectives in the following three categories: * Reliability of financial reporting * Effectiveness and efficiencies of operations * Compliance with applicable laws and regulations Internal control is design to achieve management objectives in three categories
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a friendly, non-threatening way and ascertained that she did not come from a wealthy background. Also, the auditor should have vouched invoices related to the costs of goods sold, and inquired of the audit committee about their review of credit card statements, internal control procedures. The audit committee should have been reviewing monthly financial statements, bank
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Cost Audit Cost Audit in EDP environment When planning the cost audit, the cost auditor should consider an appropriate combination of manual and computer-assisted audit techniques (CAATs). In determining whether to use CAATs, he should take into account: i) His computer knowledge, expertise and experience. ii) Availability of CAATs and suitable computer facilities. iii) Impracticability iv) Effectiveness and efficiency. v) Timing. In an EDP environment, the control
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ascertaining the control systems are summarized as follows: * Examining previous audit work, * Client’s own documentation of the system, * Interviews with client’s staff, * Tracing transactions, * Examining client’s documents, * Observation of procedures. a. Examining previous audit work: The audit work should provide a record of the previous audit and how the system operates. Any change in the audit work should be documented for updating. b. Clients own documentation of
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