University:
University of North Carolina at Charlotte
Course:
MBAD6201 | Business Intelligence and Analytics
Academic year:

2023
Views:

498

Pages:

3
Author:

vandropvp

Internal Auditing Class Notes Page 1 I. Introduction to Internal Auditing Internal auditing defined: Independent, objective assurance and consulting activity designed to add value and improve an organization's operations. Role of internal auditors: Evaluating risk management, control systems, and governance processes. II. Internal Control and Risk Management Internal Control Frameworks: COSO (Committee of Sponsoring Organizations of the Treadway Commission) framework. Components: Control environment, risk assessment, control activities, information and communication, monitoring. Risk Assessment: Identifying and evaluating risks that could affect organizational objectives. Developing strategies to mitigate risks. Fraud Prevention and Detection: Red flags, internal controls to prevent and detect fraud. Whistleblower programs, ethical culture. Page 2 III. Audit Planning and Execution Audit Objectives and Scope: Defining the purpose and extent of the audit engagement. Ensuring alignment with organizational goals. Audit Evidence and Documentation: Collecting and evaluating evidence to support audit conclusions. Comprehensive documentation for transparency and accountability. Sampling Techniques: Selecting representative samples for testing. Random sampling, stratified sampling, systematic sampling. IV. Audit Reporting and Communication Audit Findings: Summarizing observations, conclusions, and recommendations. Clear communication of strengths and weaknesses. Audit Reports: Communicating audit results to management and stakeholders. Including scope, methodology, findings, and recommendations. Effective Communication Skills: Writing concise, clear, and organized reports. Communicating findings with tact and professionalism. Page 3 V. Compliance and Regulatory Auditing Compliance Audits: Ensuring adherence to laws, regulations, and industry standards. Mitigating legal and regulatory risks. Sarbanes-Oxley Act (SOX) Compliance: Public company reporting requirements and internal control assessments. CEO and CFO certifications, audit committee oversight. Ethical Considerations in Auditing: Independence, objectivity, confidentiality, due care. Addressing conflicts of interest. VI. IT Auditing and Data Analytics IT General Controls: Evaluating IT infrastructure, security, and controls. Protecting data integrity and confidentiality. Data Analytics in Auditing: Using technology to analyze large datasets for anomalies and patterns. Enhancing audit effectiveness and efficiency. Emerging Trends in Internal Auditing: Continuous auditing, real-time monitoring, blockchain technology. Adapting to technological advancements.

Mastering Internal Auditing: Key Concepts and Strategies

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