The quality of the internal audit department can be assessed by considering the following:
- By reviewing internal audit reports to see whether management acts on the recommendations by internal audit;
- By ascertaining whether the department is staffed by competent people with the required technical training;
- By drawing from prior year‘s experience on the level of reliance placed on internal auditors work.
- Whether internal audit work is properly planned and reviewed.
- The auditor should also evaluate the scope of the function and the extent of work carried out by internal audit.
- Many auditors now use laptops computers to perform various audit tasks. However, if audit firms use laptop computers they risk data being corrupted and appropriate controls must therefore be put in place to prevent the corruption of data;Explain six ways which auditors can use laptop computers in their audit work (other than computer-assisted audit techniques)
- Working papers provide the audit evidence. They can be categorized into: Auditors‘ prepared working papers, Client‘s schedules used as working papers , Audit programmes.Working papers are then organized into files usually referred to as either current files of permanent files.Required:c) What details should an audit programme indicate?
- The auditing standard on subsequent events provide the basic principles and procedures as to the auditor‘s responsibilities and deal with: i. Dating the auditor‘s report ii. Audit procedures iii. Events after the date of the audit report. Required: Outline the audit procedures considered necessary between the balance sheet date and the date of the auditor‘s report