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A test of control describes any auditing procedure used to evaluate a company’s internal controls. The aim of tests of control in auditing is to determine whether these internal controls are sufficient to detect or prevent risks of material misstatements.
Although every audit project is unique, the audit process is similar for most engagements and normally consists of four stages: Planning (sometimes called Survey or Preliminary Review), Fieldwork, Audit Report, and Follow-up Review. Client involvement is critical at each stage of the audit process.
The 14 Steps of Performing an Audit
When used appropriately, an audit checklist will easily identify areas of concern and allow management to take corrective actions to fix the problem. An audit checklist should focus on three traditional audit segments: management, finance and operations.
Internal Audit Planning Checklist
SOPs for audit are required to standardize the process that evaluates FCM quality standards and to raise the bar for best practices of FCM. …
‘Self inspection‘ is the check or inspection done by the responsible personnel themselves according to pre-determined frequency. ‘Internal audit‘ is the check or inspection done by the independent trained personnel according to the pre-determined frequency.
An audit manual outlines the authority and scope of the internal audit function, documents standards, and provides cohesive guidelines and procedures. These guidelines promote consistency, stability, continuity, acceptable performance standards, and a means of coordinating the efforts of audit staff effectively.