December 2015

Internal Audit Vs. External Audit: Key Differences You Should Know

Internal Audit

Overview The internal audit function relates to an organization’s internal control and risk management. It ensures a company follows the adopted accounting standards. The external audit function provides a fair and independent opinion about an organization’s financial statements. They report independently to the shareholders of the company. Both internal and external auditing functions provide valuable […]

Internal Audit Vs. External Audit: Key Differences You Should Know Read More »

Internal Auditor’s Responsibilities on Fraud (Here is What PPIA Said)

Fraud, Internal Audit

Establishing the internal audit department is part of the organization’s internal control and risk management, which is why the internal audit department exists. The risks that internal auditors should oversee are limited to internal control, operational risks, compliance risks, financial risks, and the risk of fraud. In this article, we will discuss the role of an

Internal Auditor’s Responsibilities on Fraud (Here is What PPIA Said) Read More »

What is Internal Audit Department? (Responsibilities and More)

Audit, Internal Audit, Types of Audit

Overview: The internal Audit Department is the independent or non-operation department in the organization set up by the board of directors and audit committee to perform internal audit services in the company. It is part of the company’s risk management since part of the internal auditor’s responsibility is also to assess how the company’s risks

What is Internal Audit Department? (Responsibilities and More) Read More »

5 Types of Due Diligence Services, Benefits, And Limitations

Audit

Overview: Due Diligence is the reviewing engagement service that is normally performed in the investigation of the target business, or companies related to business performance, liabilities, assets, financial statements, and other subject matters. Due Diligence services vary depending on the nature of engagement; however, there are five types of Due Diligence. This article will explain the basic

5 Types of Due Diligence Services, Benefits, And Limitations Read More »

Review Engagement (Limited Assurance): Definition and Example

Audit

The Review Engagement or Limited Assurance: The review engagement or limited assurance is sometimes called negative assurance. This type of engagement is different from a reasonable assurance engagement. In other words, it is different from the audit. Normally, in this engagement, the auditor performs fewer procedures and reviews to support a conclusion on the financial

Review Engagement (Limited Assurance): Definition and Example Read More »