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Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.
This standard contains the standards over performing an audit of internal control over financial reporting that is integrated with an audit of financial statements. The auditor must test entity-level controls that are important to the auditor's conclusion about whether the company has effective internal control over financial reporting .
Quality audit is the process of systematic examination of a quality system carried out by an internal or external quality auditor or an audit team. It is an important part of an organization's quality management system and is a key element in the ISO quality system standard, ISO 9001 .
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. [1]
ISO/TS 16949:2009 is an interpretation agreed upon by major automotive manufacturers (American and European manufacturers); the latest version is based on ISO 9001:2008. The emphasis on a process approach is stronger than in ISO 9001:2008. ISO/TS 16949:2009 contains the full text of ISO 9001:2008 and automotive industry-specific requirements.
The standard was first published in December 2005. In June 2011, the ISO/IEC 20000-1:2005 was updated to ISO/IEC 20000-1:2011. In February 2012, ISO/IEC 20000-2:2005 was updated to ISO/IEC 20000-2:2012. ISO 20000-1 has been revised by ISO/IEC JTC 1/SC 40 IT Service Management and IT Governance. The revision was released in July 2018.
Corporate Internal Auditors [7] If the information security audit is an internal audit, it may be performed by internal auditors employed by the organization. Examples include: Certificated accountants, Cybersecurity and Infrastructure Security Agency (CISA), and Certified Internet Audit Professional (CIAP) External Auditors
Risk based internal audit is conducted by internal audit department to help the risk management function of the company by providing assurance about the risk mitigation. RBIA allows internal audit to provide assurance to the board that risk management processes are managing risks effectively, in relation to the risk appetite. [2]
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