Introduction: Continuous Auditing encompasses the ongoing risk and control assessments, enabled by technology and facilitated by a new audit paradigm that is shifting from periodic evaluations of risks and controls based on a sample of transactions to ongoing evaluations based on a larger proportion of transactions. Continuous Auditing is the “application of computer technology” to the audit, such that, tasks that were previously performed manually and infrequently can be performed in an automated, real-time, or near real-time manner. Features of
Category: Internal Audit
STANDARD ON QUALITY CONTROL (SQC-1)
Introduction: The purpose of this Standard on Quality Control (SQC) is to establish standards and provide guidance regarding a firm’s responsibilities for its system of quality control for audits and reviews of historical financial information, and for other assurance and related services engagements. This SQC is to be read in conjunction with the requirements of the Chartered Accountants Act, 1949, the Code of Ethics and other relevant pronouncements of the Institute1 (hereinafter referred to as “the Code”). The firm should
Internal Audit Alert – October 2022
INTERNAL AUDIT Internal Audit is an independent appraisal activity within an organization for the review of, and to improve, the accounting, financial and other operations as basis for protective and constructive service to the management. IMPORTANCE Internal Audit has great importance in itself as an influential function within a company which helps in improving the functions and operations of the company. Its importance was increased during the year 2020, when the global COVID-19 pandemic affected poorly the World Economy. And