Extract from session 1 introduction to audit
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Extract from session 1 introduction to audit
- 1. 1. Introduction to audit and corporate governance Audability Ltd 1
- 2. Spot the auditor Group exercise Audability Ltd 2
- 3. An audit involves…. Investigating information prepared by someone else to decide whether it is fairly stated Group exercise Audability Ltd 3
- 4. An audit involves…. Reporting back on your results Group exercise Audability Ltd 4
- 5. Four key concepts Planning Risk assessment Evidence Materiality Group exercise Audability Ltd 5
- 7. What is audit? Narrow External Audit Wider Internal Audit Widest Anything that uses the work audit e.g. a ‘Health and Safety Audit’ Audability Ltd 7
- 8. External versus internal audit External Audit Internal Audit Requirement Usually yes e.g. Companies Act Usually no Objectives ‘True and fair view’ Assurance on & sometimes more systems & controls Independence Never an employee Can be employees Reporting Shareholders/ public Audability Ltd Management 8
- 9. External audit: private vs public Private sector Public sector Requirement Yes – Companies Act Yes – different bits of legislation Objectives ‘True and fair view’ & sometimes more ‘True and fair view’ & value for money Independence Firm – appointed by shareholders Agency or firm – usually not appointed by body Reporting Shareholders Body/Parliament/ Public Audability Ltd 9
- 10. Some key qualities of auditors … o o o o Independence Integrity Objectivity Professional scepticism Audability Ltd 10