Introduction to Audit and Corporate Governance
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This document provides an introduction to auditing and corporate governance. It defines an audit as investigating information prepared by someone else to determine if it is fairly stated. The key concepts of planning, risk assessment, evidence, and materiality are discussed. External audits are usually required by law and have the objective of providing a "true and fair view", while internal audits provide assurance on systems and controls. Benefits of audits include accountability, oversight of funding, and management improvements.
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Introduction to Audit and Corporate Governance
- 1. 1. Introduction to audit and corporate governance Audability Ltd 1
- 2. Spot the auditor Draw a picture of an auditor Group exercise Audability Ltd 2
- 3. Spot the auditor Group exercise Audability Ltd 3
- 4. An audit involves…. Investigating information prepared by someone else to decide whether it is fairly stated Group exercise Audability Ltd 4
- 5. An audit involves…. Reporting back on your results Group exercise Audability Ltd 5
- 6. Four key concepts Planning Risk assessment Evidence Materiality Group exercise Audability Ltd 6
- 8. 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 8
- 9. 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 9
- 10. 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 10
- 11. Some key qualities of auditors … o o o o Independence Integrity Objectivity Professional scepticism Audability Ltd 11
- 13. Benefits of an audit What do you think are the benefits of having an audit (external or internal)? Group exercise Audability Ltd 13