4 - Introduction to Auditing

Question 1

Internal Audit Charter

Answer 1

[formal document that defines internal audit purpose, authority, responsibility and position within an organization]
Statement of Purpose (for collaboration)
Roles and Responsabilities
Programme Activities
Points of Contact
Reporting Requirements

Question 2

Audit organisation from A to Z

Answer 2

Develop strategy
Create Audit plans
Select tools and protocol
Manage, train and assign auditors
Conduct audits
Produce findings and reports
Assess and improve programm quality

Question 3

Types of Audit

Answer 3

• Financial Audits or Reviews (fairness, accuracy and reliability of financial data)
• Operational Audit (evaluation of organisation activities, policies, objectives, internal controls and efficiencies)
• Department reviews (evaluate the adequacy of controls, safegueards of assets, efficient use of resources, compliance with related laws, regulations and university policy, and integrity of financial information)

Question 4

Phases of Audit

Answer 4

Preparation and planning
Execution and fieldwork
Recording and reporting
Folow-up and assessment

Question 5

What is Integrated audits

Answer 5

combination of an operation audit, department review and IS audit

Question 6

What is investigate audits or reviews

Answer 6

unusual or suspicious activity or the part of an individual or a department

Question 7

When do you do a follow-up audits

Answer 7

approximately six month after. They are designed to evaluate corrective action