Module_ D - Module D Internal, Governmental, and Fraud...

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Module D Internal, Governmental, and Fraud Audits “I predict that audit committees will look increasingly to internal audit departments to be their eyes and ears across the corporation.” - Jacqueline K. Wagner, general auditor GM and past Chairman of the IIA
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Module Objectives 1. Define internal auditing ; describe internal audit institutions (e.g. IIA); describe how internal auditors interact with independent auditors; explain internal auditors’ independence problems; and list features of internal reports. 2. Define governmental auditing ; describe governmental audit institutions (e.g. GAO); describe how governmental auditors interact with independent auditors; explain governmental auditors’ independence problems; and list features of governmental audit reports. 3. Explain the function of standards and measurements in economy, efficiency and program results audits. MODD-2
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Module Objectives 1. Describe the Single Audit Act of 1984 in relation to audits of governmental fund recipients. 2. Define fraud auditing ; describe various engagements performed by fraud auditors. 3. Describe the elements necessary for a successful fraud examination and explain the differences between how fraud examination and external auditors handle evidence. 4. Describe the ways CPAs can assist in prosecuting fraud perpetrators. MODD-3
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INTERNAL AUDITING DEFINED Independent and objective Assurance and consulting activity Adds value and improves an organization’s operations. It helps an organization accomplish its objectives A systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and the governance process. MODD-4
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Internal Audit Basically- External auditors audit financial statements Internal Auditors audit business systems MODD-5
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Key elements to successful internal audits: Value Added Proactive Customer-focused Creative Utilizes all business perspectives Requires that the auditor understands the management process. MODD-6
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Module_ D - Module D Internal, Governmental, and Fraud...

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