Extent of Reliance

The extent of reliance on the internal audit work depends upon many factors some of which include the following: Materiality Level of audit risk Judgment level required Sufficiency of complementary audit evidence Specialized skills of the internal auditor In conclusion the scope and objectives of the internal auditing include the following:  Reviewing the accounting systems…

Read More

Types of Audits

Introduction Generally the audit to be undertaken depends on the reason as to why the auditing exercise is required. There are quite a number of types of audits. These are:  Statutory Audits Private Audits  Internal Audits Management Audits Government Audits Each of these types are explained here below 1.Statutory Audits These are those audits that…

Read More

Importance of Internal Controls

Internal control system is of paramount important in any business enterprise. The following are the reasons why the system is important: Enables management to carry out the business in an orderly and efficiently Internal controls lay down the various procedures to be followed in conducting business transactions. Ensures adherence to management policies The controls lay…

Read More