Search results
Results from the WOW.Com Content Network
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
Professional guidance on building an Internal Audit strategic plan was issued by the Institute of Internal Auditors in July 2012 via a Practice Guide called Developing the Internal Audit Strategic Plan. [16] A key aspect of developing IA strategy is understanding the expectations of stakeholders, such as the audit committee and top management.
An audit plan is the specific guideline to be followed when conducting an audit. [2] it helps the auditor obtain sufficient appropriate evidence for the circumstances, helps keep audit costs at a reasonable level, and helps avoid misunderstandings with the client. Audit planning includes establishing the overall strategy for the audit ...
An information technology audit, or information systems audit, is an examination of the management controls within an Information technology (IT) infrastructure. The evaluation of obtained evidence determines if the information systems are safeguarding assets, maintaining data integrity , and operating effectively to achieve the organization's ...
Audit Adjustments full-text: December 1999 90: Audit Committee Communications full-text: December 1999 91: Federal GAAP Hierarchy full-text: April 2000 92: Auditing Derivative Instruments, Hedging Activities, and Investments in Securities full-text: September 2000 93: Omnibus Statement on Auditing Standards-2000 full-text: October 2000 94
No audit firm wants to have to explain to the press the loss of a big client. This gives the directors of the large company a commanding position over its audit firm and they may look to take advantage of it. The audit team would feel pressured to satisfy the needs of the directors and in doing so would lose their independence.
Analytical procedures include comparison of financial information (data in financial statement) with prior periods, budgets, forecasts, similar industries and so on. It also includes consideration of predictable relationships, such as gross profit to sales, payroll costs to employees, and financial information and non-financial information, for examples the CEO's reports and the industry news.
According to Geoffrey H. Wold of the Disaster Recovery Journal, the entire process involved in developing a Disaster Recovery Plan consists of 10 steps: [4] Performing a risk assessment: The planning committee prepares a risk analysis and a business impact analysis (BIA) that includes a range of possible disasters. Each functional area of the ...