Internal Audit

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What is meant by inherent limitations of audit and what are these?

By Hasaan Fazal on June 28, 2012

Inherent limitations are such features of audit that constrains the auditor to obtain absolute assurance. It is because of these inherent limitations of audit the practitioner cannot assure the users of financial statements that financial statements are absolutely free of (material) misstatements. As a result of these limitations auditor is expected provide reasonable assurance which […]

Posted in ACCA, ACCA - F8, Audit Approaches, Audit Evidence, Audit Evidence - Substantive Procedures, Audit Materiality, Audit Planning, Audit Review, Audit Risk Assessment, Audit Sampling, Auditing, Auditor's Responsibility - Fraud, Auditor's Responsibility - Going Concern, Auditor's Responsibility - Subsequent Events, CA, CAT, CAT - T8, CIMA, CIMA - C05, FAU, FIA, Internal Audit, Introduction to Auditing - Basics, Module D | Leave a response

What is Control risk?

By Hasaan Fazal on June 16, 2011

Control risk has been defined under International Standards of Auditing (ISAs) as following: The risk that a misstatement that could occur in an assertion about a class of transaction, account balance or disclosure and that could be material, either individually or when aggregated with other misstatements, will not be prevented, or detected and corrected, on […]

Posted in ACCA, ACCA - F8, Audit Evidence - Tests of Controls, Audit Materiality, Audit Risk Assessment, Auditing, Auditor's Responsibility - Fraud, Internal Audit, Internal Control System, Introduction to Auditing - Basics | 1 Response

What is the difference between Internal Audit Function and Internal Control System?

By Hasaan Fazal on March 24, 2011

Let’s refresh some important areas before we get to the answer to this question so that no room is left for confusions. I will be having a quick go through each topic that is relevant. Users require financial statements to fulfill their information needs and in order to reach good decisions they must have accurate […]

Posted in ACCA, ACCA - F8, Audit Evidence, Audit Evidence - Tests of Controls, Audit Risk Assessment, Auditing, CA, Internal Audit, Internal Control System, Introduction to Auditing - Basics, Module D, Using the Work of Others - Internal Auditor | 4 Responses