The Audit Process
Audit Objectives
The objectives of internal auditing are to assist members of the organization in the effective discharge of their responsibilities by furnishing them with analyses, appraisals, recommendations, counsel and information concerning the activities reviewed and by promoting effective control at reasonable cost.
Types of Audits
- Operational audits are comprehensive reviews of the varied functions within an enterprise to appraise the efficiency and economy of operations and the effectiveness with which those functions achieve their objectives.
- Investigative audits identify the facts and circumstances of possible fraud or misappropriation of the organization's assets or other alleged or detected inappropriate activity.
- Financial audits are analyses of the economic activity of an entity as measured and reported by accounting methods.
- Information Systems audits are analyses of effectiveness, efficiency, confidentiality, integrity, availability, compliance, and reliability of data and programs on computer and communication systems.
Special Requests are specific procedures and/or analyses based upon the management requests.