Karteikarten: Fundamentals of Internal Audit Processes — 20 Karten

Analytical Procedures — purpose?

Identify trends, anomalies, or errors.

Sampling Techniques — types?

Statistical and nonstatistical sampling.

Audit Planning — key element?

Aligning objectives with organizational goals.

Control Testing — method?

Sampling controls to evaluate effectiveness.

Risk Assessment — role?

Identify and prioritize audit areas.

Audit Reporting — purpose?

Communicate findings to stakeholders.

Follow-up Processes — focus?

Ensure corrective actions are implemented.

Engagement Supervision — main task?

Oversee staff and resource deployment.

Control Matrices — use?

Map risks to controls for testing.

Audit Evidence — qualities?

Reliable, sufficient, relevant.

Year-over-year analysis — technique?

Compare data across periods to spot changes.

Comparative expense analysis — purpose?

Assess expense reasonableness over time.

Internal benchmarking — benefit?

Identify best practices within departments.

Analytical review — focus?

Detect unusual variances or trends.

Statistical sampling — advantage?

Quantifies sampling risk.

Nonstatistical sampling — drawback?

Less precise risk measurement.

Attributes sampling — application?

Test control attributes like authorization.

Sample size adjustment — trigger?

When deviations exceed acceptable error.

Random sampling — goal?

Reduce selection bias.

Control matrices — benefit?

Ensure comprehensive risk coverage.