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    Lms - Gold Audit - Gold Auditor Gold Inspection - Module - 1

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    Raghu.G
    An internal audit evaluates a company's internal controls, governance, and accounting processes to ensure compliance with laws and regulations and maintain accurate financial reporting. An internal auditor is an independent professional who evaluates financial and operational activities and reports to senior management, presenting recommendations. The role of internal audit is to provide independent assurance that risk management, governance and controls are effective.

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    Lms - Gold Audit - Gold Auditor Gold Inspection - Module - 1

    Uploaded by

    Raghu.G
    370 views18 pages
    An internal audit evaluates a company's internal controls, governance, and accounting processes to ensure compliance with laws and regulations and maintain accurate financial reporting. An internal auditor is an independent professional who evaluates financial and operational activities and reports to senior management, presenting recommendations. The role of internal audit is to provide independent assurance that risk management, governance and controls are effective.

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    Gold Auditor Gold Audit Part 1

    Original Title

    Lms - Gold Audit - Gold Auditor Gold Inspection - Module -1

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    An internal audit evaluates a company's internal controls, governance, and accounting processes to ensure compliance with laws and regulations and maintain accurate financial reporting. An internal auditor is an independent professional who evaluates financial and operational activities and reports to senior management, presenting recommendations. The role of internal audit is to provide independent assurance that risk management, governance and controls are effective.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    370 views18 pages

    Lms - Gold Audit - Gold Auditor Gold Inspection - Module - 1

    Uploaded by

    Raghu.G
    An internal audit evaluates a company's internal controls, governance, and accounting processes to ensure compliance with laws and regulations and maintain accurate financial reporting. An internal auditor is an independent professional who evaluates financial and operational activities and reports to senior management, presenting recommendations. The role of internal audit is to provide independent assurance that risk management, governance and controls are effective.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 18

    MANAPPURAM JEWELLERY LTD

    INTERNAL AUDIT - MODULE -1


    INTERNAL AUDIT – AUDITOR
    DEFINITION OF AUDIT
    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" . It also attempts to ensure that the
    books of accounts are properly maintained by
    the concern as required by law.
    WHAT IS INTERNAL AUDIT

    Internal audits evaluate a
    company's internal controls, including
    its corporate governance and
    accounting processes.
    These audits ensure compliance with
    laws and regulations and help to
    maintain accurate and timely financial
    reporting and data collection.
    WHO IS AN INTERNAL AUDITOR
    • An internal auditor (IA) is a trained professional
    tasked with providing independent and objective
    evaluations of company financial and
    operational business activities.
    • They are employed to ensure that companies
    follow proper procedures and function efficiently.
    • Final reports are presented to senior management
    and can include recommendations.
    WHY INTERNAL AUDIT
    • The role of internal audit is to provide
    independent assurance that an organisation's
    risk management, governance
    and internal control processes are operating
    effectively. ... We must be independent from
    the operations we evaluate and report to the
    highest level in an organisation: senior
    managers, Chairman, Managing Director,
    CEO, Audit Committee.
    PROCESS IN INTERNAL AUDIT
    INTERNAL AUDIT DEPT STRUCTURE
    AUDIT COMMITTEE CHAIRMAN & MD

    REVIEW COMMITTEE/ CFO


    ASSESSMENT TEST

    • A) AUDIT IS APPLICABLE TO ALL ENTITIES


    INCLUDING CHARITY, PUBLIC ,PRIVATE AND
    GOVERNMENT ESTABLISHMENTS
    • TRUE OR FALSE - ANSWER TRUE

    • B) INTERNAL AUDIT EVALUATES


    • I) INTERNAL CONTROL
    • II) GOVERNANCE
    • III) ACCOUNTING SYSTEMS
    • 1 ) I ONLY 2) I & II ONLY 3) ALL OF THE
    ABOVE 4) III ONLY
    ASSESSMENT TEST
    C ) STATE TRUE OR FALSE - ANS - FALSE
    • An internal auditor (IA) is a untrained
    professional tasked with providing independent
    and objective evaluations of company financial
    and operational business activities.
    • They are employed to ensure that companies
    don’t follow proper procedures and function
    efficiently.
    • Final reports are presented to lower
    management and can include recommendations.
    ASSESSMENT TEST

    D) AN AUDITOR IS a _____

    1) Company
    2) Watch dog
    3) Blood Hound
    4) Non Independent person
    ASSESSMENT TEST

    E) ARRANGE THE AUDIT ACTIVITIES IN


    CHRONOLOGICAL ORDER
    a) Audit followup b) Prepare Audit plan c)
    Initiate the audit d) conduct the audit e)
    Prepare and distribute report .
    1) c,b,d,e,a 2) b,d,c,e,a 3) a, e,d,c,b 4) a,b, c,d,e
    ASSESSMENT TEST

    F) Good Qualities of Auditor

    1) Leadership skill
    2) I T skill
    3) Communication skill
    4) All of the above
    ASSESSMENT TEST

    G) An Internal Auditor submits the report to

    1) Internal Audit Head


    2) Audit Committee
    3) Government Department
    4) Lower Management
    ASSESSMENT TEST

    H) An Internal Auditor mainly focuses on


    internal controls and procedures , where as
    a statutory auditor ensures the legal
    compliances more

    1) True
    2) False
    ASSESSMENT TEST
    I) There is no need of any specific professional
    qualification for an Internal Auditor ,
    Whereas a Statutory Auditor needs a
    Professional qualification

    1) True
    2) False
    ASSESSMENT TEST
    J) An Internal Audit Report
    i) should be unbiased
    ii) Should be finished timely
    iii) Should reveal true and fair picture of the
    activity

    1) Ii& iii 2) iii 3) all of the above 4) i only

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