what are the essential features of an audit?
228837
['Systematic process.', 'Three-party relationship.', 'Subject matter.', 'Evidence.', 'Established criteria.', 'Opinion.']
1214153
Put simply, a statutory audit is an independent assessment of the financial accounts of a company or institution. The auditor's role is to report on whether the financial statements issued by an organisation are 'true and fair', and meet all relevant guidelines or legal requirements.
1178937
['A STRONG SENSE OF ETHICS. Ethics and integrity are valued characteristics in an accountant. ... ', 'CONSTANTLY LEARNING. ... ', 'EMPHASIZING ACCURACY. ... ', 'ORGANIZATIONAL SKILLS. ... ', 'SENSE OF ACCOUNTABILITY. ... ', 'ABILITY TO WORK IN A TEAM. ... ', 'KNOWLEDGE OF THE FIELD. ... ', 'TRUSTWORTHINESS AND RELIABILITY.']
525268
['Trust. ... ', 'Objectivity. ... ', 'Documentation. ... ', 'Hindsight. ... ', 'Improvement.']
941011
Advantages of the Audit Programme An audit program helps an auditor in the allocation of work among its team members according to their skills and competency. An audit program also reduces the scope for misunderstanding among team members regarding the performance of audit work.
466264
In the context of financial accounting, audits represent assessments of objectivity, by which the management of a company presents its financial statements. The auditor (the person carrying out the audit, no less) issues a report based on the results.
936778
['routinely capture records within the scope of the business activity it supports.', 'routinely create process metadata.', 'provide adequate information about the records within them.', 'have controls that will ensure accuracy and quality of records created, captured and managed.', 'present records in useable and readable form.']
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['Sound Forecasting.', 'An Adequate, Planned and Reliable Accounting System.', 'Efficient Organisation.', 'Formation of Budget Committee.', 'Cleanly defined Business Policies.', 'Availability of Standard Information.', 'Support of Top Management.', 'Good Reporting System.']
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['Auditing and corrective actions.', 'Control plans.', 'Certification requirements.', 'Policies and procedures.', 'Continuous improvement processes.', 'Process maps.', 'Work instructions and training records.']
1002688
an audit is independent examination of financial information of any entity, whether profit oriented or not, and irrespective of its size or legal form, when such an examination is conducted with a view to expressing an opinion thereon.
291706
By definition, quality audit is a systematic activity. An activity can be systematic only if it is performed in a formal way. Audit should therefore be planned and carried out in accordance with defined and documented procedures, using a check list and complete with formal reports and records.
199917
['Verifiability.', 'Timeliness.', 'Understandability.', 'Comparability.']
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['Understandability. One of the most important features of a financial statement is that it should be easily understood by the user. ... ', 'Relevance. The financial statements must contain relevant information for them to be useful to the users. ... ', 'Reliability. ... ', 'Comparability.']
754670
In simplest terms, the duties of an internal auditor are to: Objectively review an organization's business processes. Evaluate the efficacy of risk management procedures that are currently in place. Protect against fraud and theft of the organization's assets.
1354916
['Public companies are obligated by law to ensure that their financial statements. ... ', 'During a financial audit, a CPA confirms that the financial statements do not contain material errors. ... ', 'An income statement. ... ', 'The balance sheet. ... ', 'The cash flow statement.']
860522
['Integrity.', 'Objectivity.', 'Professional competence.', 'Confidentiality.', 'Professional behavior.']
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What Is an Audit? The term audit usually refers to a financial statement audit. A financial audit is an objective examination and evaluation of the financial statements of an organization to make sure that the financial records are a fair and accurate representation of the transactions they claim to represent.