Internal audit

Audit Report and Internal Control Evaluation Audit Report and Internal Control Evaluation Nathalie Salib University of Phoenix ACC546/PR April 9, 2015 Prof. Rafael Marrero - Diaz ANDERSON, OLDS & WATERSHED Certified Public Accountants Independent Auditor’s Report To the Board of Directors of Apollo Shoes, Inc. We have audited the accompanying balance sheets of Apollo Shoes, Inc. as of December 31, 2007 and 2006 and the related statements of income, shareholder’s equity and cash flow for

Internal audit and review reports |by Katharine Bagshaw |  | |29 Jan 2003 | | |Internal auditors, external auditors, and consultants who perform internal audit and review engagements provide reports to management | |(internal audit reports)

Internal Audit is an essential tool available to the payroll function. “The role of internal audit is to provide independent assurance that an organization 's risk management, governance and internal control processes are operating effectively” What is internal audit? (2015) As a new payroll system was recently installed our internal auditors were asked to look at the robustness of the payroll controls in place. A comprehensive test was carried out and a few areas of concern were raised. These

2.3 Breach of duties by Internal Auditor According to the Institute of Internal Auditors (IIA), (2011), the internal auditing is a team of consultants, a department and a division or other practitioner which independent, have objective assurance and conduct a consulting activity which is designed to add value and improve the organization operations. The internal auditor can help an organization in achieving its objectives by bringing a discipline and systematic approach in order to improve and evaluate

Companies frequently conduct internal audits of their business operations. Internal audits are conducted in a professional manner, designed to provide company management with an unbiased and objective view of how the company is operating. Often times the process is conducted by an outside agency, or a privately hired internal auditor. Some companies have a full staff employed to perform continuous audits of various operations. Normally there is specially appointed audit committee, overseen by the

Homework5 Internal Control Audit Standards a. For what purposes should an auditors’ understanding of the internal control components be used in planning an audit? An auditors’ understanding of the internal control components should be used for 3 reasons: a) To identify the potential misstatement that might occurs b) To identify the factors that affect the risk of material misstatement c) To influence the design of substantive procedures b. What is required for an audit team

The Audit Report and Internal Control Evaluation Team D Auditing has been evaluating the evidence presented by Apollo Shoes. The audit team has developed an audit report in response to the audit and has also provided a description of the evidence, a description of the account sampling and testing procedures used, and has also given a brief description of the value of an audit report. This report is only to reflect Team D’s opinion regarding Apollo’s internal controls, financial statements, and

consideration the scope/objectives and responsibilities of the internal Audit functions, to what extent do you feel that Internal Audit meets expectations? Option No. of Respondent Percentage of respondent Meet Expectations 34 75.55% Does not meet 5 11.11% Expectations Does not comment 6 13.34% Total 45 100% 2) How confident are you to depend on the conclusions drawn or recommendations made by the Internal Audit function? Option No. of Respondent Percentage of respondent

Finance Director Date: 15/12/2014 Subject: Role of Internal Audit It has come to my attention that the role of internal audit is not clear to some members of the organization outside the finance department. Therefore, it was decided that a memo is written to explain clearly the role of internal audit. Internal auditing is an independent, objective assurance and consulting function intended to add value and improve an organization’s operations. The audit function can help an organization to achieve objectives

conduct of internal audit 4/7/2015 Meenakshi   TASK 1 1.1.1 INTEGRITY: Integrity is the main moral objectives or principal of the company. Methodology aims of financial records: • All financial statements made very fairly and profitable. • Using the best financial standards techniques and book keeping methods. • Accounts made by just the master bookkeeper. • Provide the independent objective examination of the financial statements. • In financial records mainly focus on internal controls of