Adv Internal auditing summary 2

Adv Internal auditing summary 2 - Public Sector o o o 1 2 3...

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Public Sector: - For federal/provincial/territorial/municipal - For compliance with statutes/legislation in “all significant respects”, o report non-compliance observed in audit o Obtain audit evidence to show non-compliance o To express opinion that entity has complied - 3 Es of: 1) Economy o Appropriate quality & quantity of financial, human, and physical resources at appropriate times 2) Efficiency o Use of financial, human, and physical resources that outputs are maximized, input minimized 3) Effectiveness o Achievement of objectives or effects of operation - Risks: inherent & control risk - PS 5400: Criteria – value for money o Reasonable, attainable standards for performance o No standard report - Mgt responsibility: o Usually headed by deputy minister, minister – has political responsibility o Administer resources economically, efficiently o Accountable to governing body (following appropriate acct, safeguarding assets) o Measure effectiveness/monitor programs o Maintain suitable internal controls o Ensure compliance with authority - Auditor responsibility: o Add assurance (or credibility) to mgt reports Assess various admin practices o Report to governing body – normally a public document o Comprehensive audit (when required) o Minimum standards:
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Adv Internal auditing summary 2 - Public Sector o o o 1 2 3...

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