External Audit James Wilkinson (2013) defines external audit as “a company audit which is performed by a party which is not a department or employed by a business to be audited”. External audit is also explained as an obedient or non-obedient audit realized by a...
Introduction to Information System Audits The effectiveness of information system controls is evaluated through an information system audit. An audit aims to establish whether information systems are safeguarding corporate assets, maintaining the integrity of stored and communicated data, supporting corporate objectives effectively, and operating efficiently....
Accounting is a specialized language of business which helps to understand economic activities. It is an act of orderly, keeping the records of the daily monetary transactions of the business, the transactions are then classified into various groups followed by summarizing in a way that...
Introduction The Bureau of Labour Statistics reports that explosions and fires were responsible for about 3 percent of workplace fatalities in the United States. Uncontrolled fires impose significant impacts on organizations every year by causing damage to property, loss of life, injury and lost trust...
An adverse opinion is issued after having obtained sufficient appropriate audit evidence, the auditor concludes that the misstatements, individually or when grouped with other misstatements, are both material and having pervasive effect to the financial statements.An adverse opinion will be issued when the auditor discovers...
Audits in a QA system are known as quality audits. They are a systematic examination of a quality system which is carried out by an external quality auditor or an audit team. The main purpose of which is ensuring that procedures correctly mirror documented standards....
An audit opinion is a verification that accompanies financial statements based on an audit of the accountant’s opinion of the procedures and records used to provide the statements whatever of whether the financial statements have exist material misstatements. There are four types of audit opinion...
The New Partnership Audit Rules under The Bipartisan Budget Act (BBA) of 2015The Bipartisan Budget Act (BBA) of 2015 was signed into law in November 2015. This new law marks a major change in how the IRS will approach a partnership audit moving forward. This...
The board of Tetra Pak Inc has recently decided that in order to comply with principles set forth by GAAP that it is in the best interest of the company to hire external auditors to conduct an annual audit. The purpose of this audit is...
Introduction The audit committees in the recent past have become a mechanism that is common for corporate governance internationally. Corporate governance is the process in which the director of a particular company ensures that the company is running properly. It strictly entails monitoring the senior...
TeamMate Analytics The data analytics program TeamMate Analytics is an auditing software tool designed to streamline effective and efficient internal and external audits. TeamMate Analytics software is used in over 70 countries across the globe and serves more than 100,000 auditors and 2,500 organizations ranging...
