Audit Report On Audit Cycle Performance Essay

The audit will assess each function of the business and how it would affect the company overall if the function were unavailable, interrupted, or changed. The types of events that may significantly impact the business function, the advantages and disadvantages of failure for each function, and alternatives for each risk if it fails. The following aspects of the business will be considered: Safety, Revenue, Costs, Legal, Related Exposure, and Security Breaches.

Moreover, the auditor should preform test for effectiveness of internal controls. He may interview management by asking questions on the process of the transactions and operational activities. He may discuss with management the process of some transactions from beginning to end and then test it by using sample testing. Also he/she should make sure that there is proper control of activities; policies and procedures for adequate segregation of duties are met.

Audit failures are unfortunate for any health care organization and failed audits are due to financial statements falling under lack of

Even though Nightingale Hospital has a very detailed Site Identification and Verification Protocol, some areas do not meet JHACO’s standards. Updating the Universal Protocol and Preprocedure Hand-Off Check sheet will not only bring the facility into compliance but may eliminate any potential failure in communication between patient, caregiver and provider.

Quality Objectives - The quality objectives define measurable goals relative to the company's quality management system. Requirements on the quality objectives are in ISO 9001:2008 section 5.4.1.

In preparing for the audit all aspects of a company need to be reviewed. For the preparation of the audit several things must be considered as define in the following pages.

The audit work has been performed according to the original or a modified audit plan;

An important decision for any shareholder is deciding whether or not to do business with that company. When a business is audited, the operations are reviewed to make sure that nothing is being hidden. An auditor will review the company’s financial statement and practices to confirm that each are direct and correct. The financial statements are the business’s way of representing them and showing that they are following the Generally Accepted Accounting Principles. The audit process is an important one because it provides a platform for the auditor’s opinion concerning the financial statements of the company. As part of the audit process the auditor will conduct an audit plan that outlines a number of actions that he or she will be perform while also detailing the reason for those actions. With every audit, the business’s management is in charge of handing over the financial statements that the auditor will review; while the auditor will review the statements for any material or immaterial misstatements.

Note: Answer the questions as comprehensively as possible. Reference to Auditing Standards, your textbook, and other relevant authoritative sources is expected where appropriate. Even where some of the questions are quite general, try as much as possible to relate your answer to the case.

It is important because the use of the budget spreadsheet as a tool relies on the fact that data is accurate.

NCH policy has an extensive list of site markings, however the area stating that breasts needle localization may be used to identify breast lesions is stated

The assertions in this case would be completeness, and valuation/allocation for the actual benefit accounts to ensure figures are accurate. Also, presentation/disclosure to inform stockholders that poor performance cannot be helped due to current economic conditions.

B. Major problems auditors likely encounter in conducting the investigation and writing the report is determining if the effectiveness and efficiency

* On the job training is the primary method for employees to learn policies and procedures.

This article initiates with the introduction on what is audit planning. It basically addresses the audit plan strategy of K & S Corporation limited’s Financial Statements. Being an external auditor of the company, key factors to be considered in auditing the financials of the subject company have been discussed in the article. The most significant accounts at risk being materially misstated have been critically examined citing the possible risks associated with such accounts. Last but not the least, the article concludes with recommendations with respect to audit assessment plan of the company. Hence, this article seeks to act as a ready reckoner guide for an audit manager in audit planning of K & S Corporation Limited.