In this part we tell the definition of issue status and definition of raiting Most commonly three type of issue rating is used 1) High 2) Medium 3) Low And there are three type of Report raiting 1) Strong Control Environment 2) Meets Company Standards: 3) Requires Improvement: 4) Requires Significant Improvement: Definition of all […]
Detailed Internal Audit Findings, Risks, Recommendations and Action Plans In this portion we discuss the issues found during the audit and tell them there risks and give them recommendation and lave the last coulomb empty for management comments, here is template given below Issue Risk Recommendation Management comment x-x-x-x-x-x x-x-x-x-x-x x-x-x-x-x-x-x-x-x x-x-x-x-x-x-x-x-x-x-x-x x-x-x-x-x-x x-x-x-x-x-x x-x-x-x-x-x-x-x-x […]
Under this heading you need to give the financial highlight of company it means that you provide following thing Gross sales, discount, sale return, net sales, net cash sales, net credit sales, net cash collection, and net credit collection. You have to provide this thing for the company and for top ten customers and percentage […]
Introduction to business back ground Under this head of we cove about the company we are auditing like that XXX Company is part of XXX company (if the company is part of any other company) with the benefits of over 50 years experience in XXXX (here you should the business of company, like distribution manufacturing, […]
in planing the audit of inventory first thing is to observe the whole inventory process , because no audit can be performed with out observing and the whole process and testing the controls of the whole process Here i am defining the audit program of inventory process
Before I start writing how to reconcile cash it is very important how you count cash while cash count The best practice is to count cash in hand on closing and opening of a business day, and it is strongly advised that cash count should be made on surprise bases and at irregular interval
Pub quiz machines based on Monopoly and Cluedo are games of skill and not liable for tax, HM Revenue & Customs has ruled. HMRC and the Treasury have been looking at amusement machine licence duty (AMLD) for skill with prize (SWP) machines, after a review was launched under the last government, reports The Publican magazine. The […]
During the internal audit process, while auditing the fixed assert or any other process first thing we should know is if there should be control on this process what are the objective of each of those controls. Working papers are designed on the bases of these controls, actually you can say that working papers are […]
Executive summary is one of very important part of internal audit report because it the main part which defines the whole report and higher management usually read this part to get the picture of whole report and position of company audited or process which is audited. First part is opening paragraph in we tell the […]
Listign down the Techincal review and comparison of SAP products I.e. SAP Business One, SAP Business All-In-One, and SAP Business ByDesign Use can compare Differen ERP software product modules for Materials Management, Production Management, Sales and Order Management, Financial Management, Customer Relationship Management, Services and Support, and Additional Capabilities.