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April 11, 2020 at 10:26 am
Hi. I am a bit confused about how internal audit can provide in internal control and risk management areas. If internal audit when looking at the internal controls it does not manage risks at the same time? Is there something additional it provides to the risk management area other than reveiwing internal controls and compliance with regulations?
Kim Smith says
April 11, 2020 at 10:43 am
Financial internal control is just one area of risk management. Aspects of business risk management would basically involve internal audit looking at all significant business risks (which are not examinable in AA) and whether management has controls in place to ensure that the risks that the business is taking on is in keeping with its risk appetite so the business is not exposed to risks that may cause it to fail. Internal audit does not IMPLEMENT policies and procedures but reviews, tests and monitors them – so will make recommendations to management/TCWG – but it will be up to management/TCWG to implement those recommendations.
April 8, 2020 at 2:40 am
Sir are these video’s is update for September 2020 exam
April 17, 2019 at 11:36 am
i am confuse in icq and iceq
November 26, 2019 at 7:29 am
The distinction is touched on on page 68 of the notes but is not important for exam purposes – only questionnaires in general are now examinable (rather than ICQs and ICEQs specifically).
January 28, 2018 at 10:58 am
can i get these Slides Please ?
January 16, 2019 at 10:06 am
No, they are not downloadable
May 29, 2017 at 6:46 pm
I’m confused if Re calculating and re-performance is a Test of Control or a substantive?? kindly please clarify….
Ken Garrett says
May 29, 2017 at 9:51 pm
If you are testing that a control such as monthly bank reconciliatilns is taking place, you have to recalculate/reperform at least one to ensure it is done correctly and that the control is effective.
At year end you would also reperform/recalculate the bank rec to give substantive evidence that the cash balance is correct.
Similarly, enquiry/confirmation, inspection and observation can all be used for tests of control anf for substantive tests. Analytical procedures can be used only for substantive tests.
November 12, 2016 at 1:35 pm
excellent explanation 🙂 thank u
February 15, 2016 at 4:52 pm
Very good lecture. Well explained:))
January 30, 2016 at 8:30 am
one of the best tutors
January 11, 2016 at 9:40 pm
Who is to complete the questionnaires discussed at c.30min?
January 11, 2016 at 11:11 pm
The auditor completes these.
November 24, 2015 at 9:22 am
Hello, I am a bit confused about one part of the lecture. When you talk about recording and assessing the accounting system, it is the auditor who is supposed to do this, right? Or is it done by the client and then checked by the auditor?
November 24, 2015 at 9:40 am
The auditor has to do it.
The client might have notes and diagrams, but the auditor would use those only as a starting point. The system has to be independently verified by the auditor then tests of controls will let the auditor see whether or not the system is workingas it should.
November 24, 2015 at 9:41 am
Understood!! thanks a lot for your prompt reply!!! 🙂
November 22, 2015 at 6:09 pm
Hi sir , Can u tell me plz in which CHAPTER of your f8 dec2015 notes , Tracing and Vouching concept that you have explained ? Thanks
August 25, 2015 at 7:00 am
May 1, 2015 at 6:04 pm
Thanks alot 🙂
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