Operational Audit

Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions?

Control of the internal audit unit and of individual assignments is needed to ensure that internal audit objectives are achieved and work is performed effectively. The most important elements of control are the direction and supervision of the internal audit staff and review of their work. This will

“A company’s business model explains the rationale behind why its business approach and strategy will be a moneymaker. Absent the ability to deliver good profitability, the strategy is not viable and the survival of the business is in doubt.” (Crafting and Executing Strategy, Hough) This definition puts into perspective what Farmwise’s business model should look like and on the evidence given, it would seem that they have achieved this. Farmwise has made it clear that their strategy is to become the major private broker of agricultural commodities in Southern Africa. They are well on their way to achieving this and the profits that they have delivered in recent years would indicate the preliminary successes that they have had on the ay to achieving this long-term goal.

Two types of audits are conducted: internal control and performance audits. The internal audit is done to ensure that an agency is keeping proper records, adhering to policies and procedures. It evaluates and tests rules and regulations to ensure officials use public resources with integrity. On the other hand, Performance Audits assess how efficiently and effectively a local government runs aspects of its

LCC has conducted an audit of Apollo Shoes, Inc. balance sheets, the retained earnings, cash flows, and other related statements of income for the year ended December 31, 2006/2007. Apollo Shoes Inc management is responsible for maintaining the effective internal controls that goes along with the financial statements and how well the accuracy is going to be. LLC has evaluated the effectiveness of the said controls and with everything to see the relevance in the timing, the substantive in quality, and the comprehensive in nature. The responsibility of our firm is to express an opinion that is supported by audit evidence in

1. Clarity - the clarity of this situation is what I would call the final goal. While everyone thought work hard intelligent and in fact more intelligent is on the right track. The status of all the members of the departments to work smarter and allow managers to design the work and functions

Failure to maintain and foster a financial and operational audit capability at the theater Army HQs level is sure to degrade the commander’s overall command audit and compliance due diligence requirements and financial and management internal control responsibilities. Likewise, its effects will spiral downwards into daily operations, managers’ accountability, and risk management reduction processes throughout all organizations, at every level.

The Marine Corps has been asked how we manage and account for CAT-I materiel OCONUS as part of a GAO audit on the DoD.

Measuring the extent to which a program is achieving its goals and objectives and determining whether the entity is using its resources in the most effective and economical manner

SUBJECT: Beginning the Audit Report (Engagement letter, Engagement checklist, Outline of timeframes and milestones of the audit)

Due to increasing economic and financial growth, many types of audit have been incorporated throughout the development process of internal activities. Audits can be performed manually or they can incorporate technology. According to Hunton and

The audit team met prior to conducting this audit, reviewed the audit checklist, revised several Melt Shop and Caster Work Instructions, and discussed the audit scope.

As a Team Leader, you are responsible for encouraging team members to participate in continuous improvement activities. You also need to ensure that your team is informed of any changes or improvements to the way their work is done.

1. SEVERAL COMMON ATTRIBUTES OF ACTIVITIES DEFINED AS AUDITING ARE (A) SYSTEMATIC PROCESS, (B) OBJECTIVELY OBTAINING AND EVALUATING EVIDENCE, (C) ASSERTIONS ABOUT ECONOMIC ACTIONS AND EVENTS, (D) DEGREE OF CORRESPONDENCE, (E) ESTABLISHED CRITERIA, (F) COMMUNICATING THE RESULTS, AND (G) INTERESTED USERS.

The improvement of its operational efficiency through the industrialisation of processes and the pooling of resources The development of internal synergies Attracting talents and developing best practices in terms of management A constant and reinforced vigilance on risk control