Conduct of an Audit in Accordance with Standards of Auditing (SAs).

Meaning: 1) Complying with SAS Relevant to the Audit The auditor shall comply with all SAs relevant to the audit.An SA is relevant to the audit when the SA is in effect and the circumstances addressed by the SA exist Have an understanding of the entire text of an SA Do not represent compliance with SAS in the auditor’s report unless the auditor has complied with SA-200 and all other SAS relevant to the audit. 2) Objectives Stated in Individual SAs Determine whether any AP in addition to those required…

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Conduct of an Audit in Accordance with Standards of Auditing (SAs).

Conduct of an Audit in Accordance with SAs     Meaning: 1) Complying with SAS Relevant to the Audit The auditor shall comply with all SAs relevant to the audit.An SA is relevant to the audit when the SA is in effect and the circumstances addressed by the SA exist Have an understanding of the entire text of an SA Do not represent compliance with SAS in the auditor’s report unless the auditor has complied with SA-200 and all other SAS relevant to the audit. 2) Objectives Stated in Individual…

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INTERNAL AUDIT: THE THIRD LINE OF DEFENSE

Internal Audit defence

INTERNAL AUDIT: THE THIRD LINE OF DEFENSE As proposed by The Institute of Internal Auditors, “The Three Lines of Defense” model provides a simple and effective way of explaining risk management and internal control by clarifying essential roles and duties and guides how responsibilities should be divided. In this model, the first line of defense refers to management control, the second line of defense refers to the various risk control and compliance oversight functions established by management and the third line of defense refers to the independent assurance. Each of…

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General Audit checklist for Finished Goods Warehouse

General Audit Checklist for Finished Goods Warehouse: Following are some of the checks that are considered during Finished Goods Warehouse Audit: S.No Process Check 1 Attendance Is there any system in place to monitor the attendance of Warehouse Staff 2 Licenses & Compliances Whether required licenses (VAT licenses, etc) are displayed at a conspicuous place in warehouse/office? 3 Warehousing Is continuous water supply with storage facility available at the warehouse? Is hose reel required/available? 4 Warehousing Whether sufficient fire extinguishers are available in the warehouse and are serviced on a…

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