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14Jun

INTERNAL CONTROL SYSTEM

June 14, 2022By Nicholas Cheruiyot0 comment

An organization’s internal controls are the mechanisms designed to monitor and manage risks. These risk management processes are put in place to reduce the likelihood of financial fraud and errors, as well as other potential threats to an organization’s assets.
An effective internal control system helps an organization meet its business objectives by ensuring reliability of financial reporting, reducing employee misconduct and detecting performance problems early.
However, no system is perfect. Internal control audits help organizations verify whether their controls are functioning as intended. An effective internal control audit process can be challenging but also rewarding for any size organization. In this blog post, we will discuss essential concepts that you need in order to perform an effective internal control audit.

10Jun

AUDIT METHODOLOGY

June 10, 2022By pcadmin0 comment

Audit methodology is the set of rules and standards that auditors use to determine how and when they will audit an organization’s financial statements. Each company and accountant chooses their own audit methodology based on the risks involved in a company’s particular circumstances. The choice of a specific audit methodology may seem like an unimportant detail, but it can have a significant impact on the scope and outcome of an audit. Understanding the different audit methodologies helps you make an informed decision on which one is right for your organization.
A good understanding of internal control principles and risk assessment techniques enables auditors to evaluate whether management has designed appropriate controls to address specific risks. This article covers all you need to know about how to choose the right audit methodology for your organization.