Download The internal auditor at work : a practical guide to everyday by K. H. Spencer Pickett PDF

By K. H. Spencer Pickett

ISBN-10: 0471488119

ISBN-13: 9780471488118

A transparent, available consultant to the jobs and obligations of modern inner auditor

At a time while businesses are searching for to reevaluate their practices and upload price to their audit strategies, The inner Auditor at Work represents a useful, trouble-free, and up to date guidebook for the inner auditing expert to refine and reconsider either day by day equipment and the underlying value of the job.

Each bankruptcy of this in-depth, practical research includes quite a few assets to lead the reader towards larger figuring out and function. dialogue questions advertise discussion between auditing pros at the a number of themes lined. best ten issues lists recap the details of every bankruptcy. And end-of-chapter workouts are in particular necessary to new inner auditors in that they facilitate self-development and alertness of rules covered.

Written in partnership with the Institute of inner Auditors with detailed consciousness to its revised criteria and guidance, The inner Auditor at Work comprises chapters on:

  • The audit context
  • The strategic dimension
  • Quality and audit competence
  • The audit process
  • The audit proposition
  • And more

In a company atmosphere at the moment present process significant reevaluation, The inner Auditor at Work offers a useful instrument for inner auditing pros and all others with an curiosity in including price to their organizational processes.

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Additional info for The internal auditor at work : a practical guide to everyday challenges

Example text

The committee shall have the sole authority and responsibility to select, evaluate and if necessary replace the independent auditor. The committee shall have the sole authority to approve all audit engagement fees and terms and the committee, or a member of the committee, must preapprove any non-audit service provided to the company by the company’s independent auditor. 4. To discuss with management and the independent auditor, as appropriate, any audit problems or difficulties and management’s response, and the company’s risk assessment and risk management policies, including the company’s major financial risk exposure and steps taken by management to monitor and mitigate such exposure.

Expert services unrelated to the audit. Additional Features Certain types of services such as tax compliance and, in relation to the audit fee, small amounts of non-audit work approved by the audit committee may be allowed. There are also rules concerning the retention of records by audit firms, with severe penalties for failure to observe the five-year retention periods. In fact, the destruction of documents that impedes a federal or agency investigation can lead to a twenty-year prison sentence.

Reconciliation between these accounts and between records and physical counts is a useful control for ensuring nothing is missing or is incorrectly recorded or stored. A basic example is that the cash received from a retail sales point will be counted and reconciled to the record of cash entered on the cash system. Meanwhile, the cash receipting system will be reconciled to the banking system for cash banked in the same period. The list goes on and on, and so long as there is a significant risk that is likely to have an impact on objectives, suitable measures should be established for dealing with the implications of this risk.

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