Auditing And The Growing Use Of Financial Software

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AUDITING AND THE GROWING USE OF FINANCIAL SOFTWARE Terms of reference The report is a part of an assessment for the auditing unit; the intended audience is the lecturer Mr Ade Otukoya. The report is written after a presentation done in class to reflect on your understanding and how to improve after getting your feedback. Table of contents • Introduction (what is auditing??) • Auditing definitions • Purpose of auditing • An overview of framework for audit assignment • Auditing terms and definitions Audit evidence – Inherent risk - Control risk - Detection risk - Business risk - Compliance testing - Substantive testing - Governance framework - Internal and external controls - Computer assisted audit tools and techniques - Auditor’s independence - Auditing is defined as the investigation or the search for evidence to enable an opinion too be formed on the truth and fairness of financial and other information by a person or persons independent of the preparer or the people likely to gain directly from the use of the information, and the issue of a report on that information with the intention of increasing its credibility and therefore its usefulness. There are two types of auditing; these are internal auditing and external. Internal auditing has been defined as an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation reach its objective by bringing a system, disciplined approach to
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