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ISA 230 Documentation
ISA 230 Audit Documentation is one of the International Standards on Auditing. It serves to direct the documentation of audit working papers in order to assist the audit planning and performance; the supervision and review of the audit work; and the recording of audit evidence resulting from the audit work in order to support the auditor's opinion. ISA 230 statements The auditor should prepare, on a timely basis, audit documentation that provides: #A sufficient and appropriate record of the basis for the audit report #Evidence that the audit was performed in accordance with ISA's and applicable legal and regulatory requirements (Paragraph 2).ISA 230 (UK) The auditor should prepare the audit documentation so as to enable an experienced auditor, having no previous connection with the audit, to understand: # The nature, timing, and extent of audit procedures performed to comply with ISAs and applicable legal and regulatory requirements; # The results of the audit procedures and the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Standards On Auditing
International Standards on Auditing (ISA) are professional standards for the auditing of financial information. These standards are issued by the International Auditing and Assurance Standards Board (IAASB). According to Olung M (CAO - L), ISA guides the auditor to add value to the assignment hence building confidence of investors. The standards cover various areas of auditing, including respective responsibilities, audit planning, Internal Control, audit evidence, using the work of other experts, audit conclusions and audit reports, and standards for specialized areas. Use of the ISAs * European Union: The Audit Directive of 17 May 2006 enforces the use of the ''International Standards on Auditing'' for all Statutory audits to be performed in the European Union. The Audit Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required by Community law requiring all statutory audits be carried out on the basis of all international a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Audit Working Papers
Audit working papers are the documents which record during the course of audit evidence obtained during financial statements auditing, internal management auditing, information systems auditing, and investigations. Audit working papers are used to support the audit work done in order to provide the assurance that the audit was performed in accordance with the relevant auditing standards. They show the audit was: *Properly planned; *Carried out properly *There was adequate supervision; *That the appropriate review was undertaken; and *That the evidence is sufficient and appropriate to support the audit opinion The Institute of Internal Auditors, a global professional audit standards body, has issued practice advisory 2330-1 stating the goals of audit working papers are to: *Document the planning, performance, and review of audit work; *Provide the principal support for audit communication such as observations, conclusions, and the final report; *Facilitate third-party reviews and r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Audit Planning
Audit planning is a vital area of the audit, primarily conducted at the beginning of audit process, to ensure that appropriate attention is devoted to important areas, potential problems are promptly identified, work is completed expeditiously and work is properly coordinated. "Audit planning" means developing a general strategy and a detailed approach for the expected nature, timing and extent of the audit. The auditor plans to perform the audit in an efficient and timely manner. Definition An audit plan is the specific guideline to be followed when conducting an audit. it helps the auditor obtain sufficient appropriate evidence for the circumstances, helps keep audit costs at a reasonable level, and helps avoid misunderstandings with the client. Audit planning includes establishing the overall strategy for the audit engagement, with a particular focus on planned risk assessment procedures and responses to the identified risks of material misstatement. It addresses the specifics of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supervisor
A supervisor, or lead, (also known as foreman, boss, overseer, facilitator, monitor, area coordinator, line-manager or sometimes gaffer) is the job title of a lower-level management position that is primarily based on authority over workers or a workplace. A supervisor can also be one of the most senior in the staff at the place of work, such as a professor who oversees a PhD dissertation. Supervision, on the other hand, can be performed by people without this formal title, for example by parents. The term supervisor itself can be used to refer to any personnel who have this task as part of their job description. An employee is a supervisor if they have the power and authority to do the following actions (according to the Ontario Ministry of Labour): # Give instructions and/or orders to subordinates. # Be held responsible for the work and actions of other employees. If an employee cannot do the above, legally, they are probably not a supervisor, but in some other category, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Review
A review is an evaluation of a publication, product, service, or company or a critical take on current affairs in literature, politics or culture. In addition to a critical evaluation, the review's author may assign the work a content rating, rating to indicate its relative merit. A compilation of reviews may itself be called a review. Reviews can apply to a film, movie (a Film criticism, movie review), video game (video game review), musical composition (music criticism, music review of a composition or recording), book (book review); a piece of hardware like a car, home appliance, or computer; or software such as business software, sales software; or an event or performance, such as a live concert, live music concert, Play (theatre), play, Musical theater, musical theater show, dance show or art exhibition In the cultural sphere, ''The New York Review of Books'', for instance, is a collection of essays on literature, culture, and current affairs. ''National Review'', fou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Audit Work
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report. Audits provide third-party assurance to various stakeholders that the subject matter is free from material misstatement. The term is most frequently applied to audits of the financial information relating to a legal person. Other commonly audited areas include: secretarial and compliance, internal controls, quality management, project management, water management, and energy conservation. As a result of an audit, stakeholders may evaluate and improve the effectiveness of risk management, control, and governanc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Audit Evidence
Audit evidence is evidence obtained by auditors during a financial audit and recorded in the audit working papers. Audit evidence is required by auditors to determine if a company has correct information considering their financial statements. If the information is correct, a CPA CPA may refer to: Organizations Political parties and governmental organizations * Christian Peoples Alliance, a political party in the UK * Coalition Provisional Authority, a transitional government of Iraq 2003–04 * Commonwealth Parliame ... (Certified Public Accountant) can confirm the company's financial statements. Audit evidence is the primary support for an auditor's opinion on if there is a reasonable assurance that the company's financial statements are not materially misstated due to fraud or error. Audit evidence consists of various audit procedures and can often have a different role in the different stages of an audit. Audit evidence must be sufficient and appropriate, which means it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Narrative Notes
A narrative, story, or tale is any account of a series of related events or experiences, whether nonfictional ( memoir, biography, news report, documentary, travelogue, etc.) or fictional (fairy tale, fable, legend, thriller, novel, etc.). Narratives can be presented through a sequence of written or spoken words, through still or moving images, or through any combination of these. The word derives from the Latin verb ''narrare'' (to tell), which is derived from the adjective ''gnarus'' (knowing or skilled). Narration (i.e., the process of presenting a narrative) is a rhetorical mode of discourse, broadly defined (and paralleling argumentation, description, and exposition), is one of four rhetorical modes of discourse. More narrowly defined, it is the fiction-writing mode in which a narrator communicates directly to an audience. The school of literary criticism known as Russian formalism has applied methods that are more often used to analyse narrative fiction, to non-ficti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Organisation Chart
An organizational chart, also called organigram, organogram, or organizational breakdown structure (OBS) is a diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs. The term is also used for similar diagrams, for example ones showing the different elements of a field of knowledge or a group of languages. Overview The organization chart is a diagram showing graphically the relation of one official to another, or others, of a company. It is also used to show the relation of one department to another, or others, or of one function of an organization to another, or others. This chart is valuable in that it enables one to visualize a complete organization, by means of the picture it presents.Allan Cecil Haskell, Joseph G. Breaznell (1922) Graphic charts in business: how to make and use them'. p. 78 A company's organizational chart typically illustrates relations between people within an organization. Such rela ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Control Questionnaires (ICQs)
Internal may refer to: *Internality as a concept in behavioural economics *Neijia, internal styles of Chinese martial arts *Neigong or "internal skills", a type of exercise in meditation associated with Daoism *''Internal (album)'' by Safia, 2016 See also * *Internals (other) Internals usually refers to the internal parts of a machine, organism or other entity; or to the inner workings of a process. More specifically, internals may refer to: *the internal organs *the gastrointestinal tract See also * Internal (disambi ... * External (other) {{disambig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Flowcharts
A flowchart is a type of diagram that represents a workflow or process. A flowchart can also be defined as a diagrammatic representation of an algorithm, a step-by-step approach to solving a task. The flowchart shows the steps as boxes of various kinds, and their order by connecting the boxes with arrows. This diagrammatic representation illustrates a solution model to a given problem. Flowcharts are used in analyzing, designing, documenting or managing a process or program in various fields. * ''Document flowcharts'', showing controls over a document-flow through a system * ''Data flowcharts'', showing controls over a data-flow in a system * ''System flowcharts'', showing controls at a physical or resource level * ''Program flowchart'', showing the controls in a program within a system Notice that every type of flowchart focuses on some kind of control, rather than on the particular flow itself. However, there are some different classifications. For example, Andrew Veronis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
