Calculate the internal control audit
Tell me that how we can calculate the internal control audit?
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Compliance processes are tests designed to get reasonable guarantee that these internal controls on that audit reliance is to be placed are in result. The auditor can test the functioning of the controls and not the transactions. He can verify the exceptions and departure from suggested internal control. When there is authoritarian supervisory control the employees can’t digress from prescribed control processes. Compliance processes can be applied with the aid of audit sampling. The samples can be selected from different categories of transaction in order to test the control characteristic. He can inspect proof through inspection of signature. He can apply re observation and performance techniques. He can ensure custodial control over assets. He can inspect the segregation of duties. He can go throughout supervisory controls. The auditor can test all the items comprised in the sample. The compliance processes can makes sure the auditor that internal control exists. The control is operating efficiently. The control has so operated during the period of intended trust.
Audit Management: It is a systematic assessment of processes and policies of an organization's management in the administration and the utilization of resources, tactical & strategic planning, and employee and organizational enhancement.
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1. A portfolio manager uses a T-bond futures contract to hedge a bond portfolio over the next 4 months. The portfolio is worth $75 million and will have duration of 5 years in four months. The futures price is 118 and each contract is for $200,000. There are three bon
Write down the essential principles of an internal audit control system?
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A term usually referring to a financial audit is a set of procedures performed by accountants from a certified public accountant (CPA) firm. The procedures are designed to investigate and verify the accounting information that manage- ment puts in financial report. When the audit i
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