Planning an Audit: Study & Evaluation of System of Internal Control and Accounting Procedures
Auditor's examination of the system of internal control should have the following features:
Review and Preliminary Evaluation:
- Ensure an understanding of entity and its business environment.
- Helps to Check the Policies and procedures adopted by the management.
- Analyse the compliance of laws and regulations.
- It shall helps to check the controls designed by management are adequate and they are operating effectively.
Test of Compliance:
- Helps to check the system developed meets organizations need.
Evaluation:
- Helps to locate the weakness in the internal control system.
- To form his opinion as to the reliance he may place on the system itself
(Note: The author is the partner of AK & Partners Auditors and Chartered Accountants, an auditing firm in qatar)
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