The flow of information is easier to understand in a visual flowchart than in a long narrative. Flowcharts help:
1. Depict the flow of transactions
2. Identify the points within the entity’s processes at which a misstatement
3.Identify the controls, including automated and IT dependent application controls
4. Identify the controls that have been implemented over the prevention or timely detection of unauthorized acquisition,use or disposition of the entity’s assets that could result in a material misstatement of the financial statements.
5. Provide management with the requisite documentation to evidence their assessment of ICOFR
6. Enable management to take a “fresh look” at the process and controls in place, so that they can answer a number of questions, including:.
(a) “Do we have the most efficient control structure?”
(b) Have we identified all the "What Could Go Wrong" (WCGWs)?
(c) Are there points where automated controls would be more efficient and effective?;and
(d) Do our processes have redundant controls, and conversely, do we have all the WCGWs covered?
To read more please follow source mentioned below
This tool helps in automation of work-paper creation process. Generally it is time consuming and tedious process to create work-paper from audit testing work sheet and some time auditor avoid to create work paper due to extra efforts required or at least he/she does not prepare organized detailed work-paper. This tool will help auditor to concentrate on review work and will automate work-paper preparation. This tool will also motivate the auditor to think on 5 "C" of internal audit report from start of review exercise and at the end of review exercise 5 "C" of report will be ready in work paper with relative importance of each issue in monitory and frequency of occurrence terms. This will be ideal situation when we compare the same with current practice , where auditor has to search and brainstorm about 5 "C" after working on testing sheet. This tool will also reduce auditor's work , because in testing sheet for each observation , he/she has to think 5 "C" only one time. This tool requires 5 "C" to be same in case same observation is noticed for other sample case. This tool is available free of cost. Please download this tool and save as Excel Macro-Enabled workbook.
This section provides recent updates on audit and compliance topics...
The aim of this module is to familiarize the audience with the practice of Concurrent Audit under NRHM including the following...
This section provides updates on ethics and compliance.
This section provides various auditing articles and updates..
Audit, Finance, Forensic Accounting, Forensic Audit, Fraud Risk Management, IFRS, IAS, International Accounting Standard, International Financial Reporting Standard, International Standard on Auditing, ISA, accounting fraud, ANTI FRAUD COLLABORAtion, Risk assessment, Control Self-Assessment, CPA, CA, Risk Identification, CIMA Study, ACCA Study, ICAEW Exam, ICAEW Study, CISAStudy, CA Study, IFRS Exam, IFRS Study, CPA Study, COSO, Risk Mitigation, Risk Monitoring, Control Environment, Financial Statement, Balance Sheet, Profit and Loss Statement, Financial Closing, Financial Statement Assertion, SOX Implementation, Accounting Software, ERP, Trial balance, Revenue Recognition, Issue Tracking, Key Risk Indicator, Key Incident Reporting, CPA Exam, ACCA Exam, CA Exam, CISA Exam, DISA Exam, Accounting Exam, CIMA Exam, IIA Exam, CFE Exam