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Internal And External
    Auditing
1




    Group
    No-10   Vikas Tiwari
            Vakul Singh
            Vivek Singh




            Indian Business Academy
            Gr. Noida
                                      4/11/2009
Internal audit and internal
    control
2


    What is internal audit?
    ‘An independent appraisal service to
     management measuring and evaluating the
      effectiveness of the internal control system’


    What is internal control?
    ‘A process established by management to
      provide reasonable assurance that
      organizational objectives will be achieved’
                                    4/11/2009
Purpose of Internal Audit
3


        To improve and add value to the activities of
    
        public administration
        by assessing whether the public resources are
    
        managed in conformity with the principles of
        economy, effectiveness and efficiency and to
        provide guidance.
        Internal audit; provides independent and
    
        objective assurance and consultancy.
         Is process is performed with a systematic,
    
        regular and disciplined approach in accordance
        with generally accepted standards.
        comprises financial, compliance, system,
    
        performance and IT audit is carried out by
                                          4/11/2009
        internal auditors.
Certification and Proficiency of Internal
    Auditors
4

        Having a higher education diploma
    

        Administrative or audit experience
    

        Public Internal Auditor Certificate is awarded
    
        upon a series of exams
        Certificates are graded every three years
    
        according to trainings attended and
        performance points acquired
        A higher degree certificate is awarded to those
    
        who hold an internationally recognized
        certificate
        A minimum of a hundred hours of professional
    
        training in every three years is required
        Maintaining and improving level of skills and
    
        knowledge required by the duty 4/11/2009
What is External Audit
5


        An external auditor is an audit professional
    

        who performs an audit on the financial
        statements of a company, government,
        individual, or any other legal entity or
        organization, and who is independent of the
        entity being audited.




                                       4/11/2009
They are distinguished from
    Internal Audit
6




        The internal auditor's primary responsibility
    
        is appraising an entity's risk management
        strategy and practices, management .

        Internal audit do not express an opinion on
    
        the entity's financial statements.



                                       4/11/2009
The role of the external audit
7
        The external audit should not be a part of
    
        the internal control process
         The external audit should provide
    
        independent external comment to
        management on the ‘standards, quality and
        coverage of internal audit’
        The external audit should not duplicate
    
        internal audit work unless grounds for
        concern
        The external audit should examine and
    
        comment on both internal control and
        internal audit quality        4/11/2009
How audits add value
8


         Identify and correct noncompliance issues
     •



         Identify improvement opportunities in
     •

         standards and procedures



         Value added includes:
     •

          Improved consistency and lower variability
          Reduced errors, rework, cycle time, costs

          Increased productivity         4/11/2009
9




             you…
    Thank




              4/11/2009

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External &Internal Audit System

  • 1. Internal And External Auditing 1 Group No-10 Vikas Tiwari Vakul Singh Vivek Singh Indian Business Academy Gr. Noida 4/11/2009
  • 2. Internal audit and internal control 2 What is internal audit? ‘An independent appraisal service to management measuring and evaluating the effectiveness of the internal control system’ What is internal control? ‘A process established by management to provide reasonable assurance that organizational objectives will be achieved’ 4/11/2009
  • 3. Purpose of Internal Audit 3 To improve and add value to the activities of  public administration by assessing whether the public resources are  managed in conformity with the principles of economy, effectiveness and efficiency and to provide guidance. Internal audit; provides independent and  objective assurance and consultancy. Is process is performed with a systematic,  regular and disciplined approach in accordance with generally accepted standards. comprises financial, compliance, system,  performance and IT audit is carried out by 4/11/2009 internal auditors.
  • 4. Certification and Proficiency of Internal Auditors 4 Having a higher education diploma  Administrative or audit experience  Public Internal Auditor Certificate is awarded  upon a series of exams Certificates are graded every three years  according to trainings attended and performance points acquired A higher degree certificate is awarded to those  who hold an internationally recognized certificate A minimum of a hundred hours of professional  training in every three years is required Maintaining and improving level of skills and  knowledge required by the duty 4/11/2009
  • 5. What is External Audit 5 An external auditor is an audit professional  who performs an audit on the financial statements of a company, government, individual, or any other legal entity or organization, and who is independent of the entity being audited. 4/11/2009
  • 6. They are distinguished from Internal Audit 6 The internal auditor's primary responsibility  is appraising an entity's risk management strategy and practices, management . Internal audit do not express an opinion on  the entity's financial statements. 4/11/2009
  • 7. The role of the external audit 7 The external audit should not be a part of  the internal control process The external audit should provide  independent external comment to management on the ‘standards, quality and coverage of internal audit’ The external audit should not duplicate  internal audit work unless grounds for concern The external audit should examine and  comment on both internal control and internal audit quality 4/11/2009
  • 8. How audits add value 8 Identify and correct noncompliance issues • Identify improvement opportunities in • standards and procedures Value added includes: •  Improved consistency and lower variability  Reduced errors, rework, cycle time, costs  Increased productivity 4/11/2009
  • 9. 9 you… Thank 4/11/2009