Course Code: FIN304 |
Course Title: Internal Audit and Control (4 Credits) |
Course Contents
Unit 1
Financial Audit -
Unit 2
Types of Audit - general audits and specific audits; types of general audits and types of specific audits; continuous, periodical and balance sheet audits
Unit 3
Internal Audit - concept and objectives of internal audit; application of audit to different management functions; differentiates between internal and external audit; internal check and internal audit
Unit 4
The Internal Auditor - qualifications for an internal auditor;
Unit 5
Planning Internal Audit- Importance of planning internal audit; factors to for a good plan; stages of internal audit planning. Knowledge of the business an integral aspect; internal audit plan
Unit 6
Internal Audit Programme - nature of internal audit programme; advantages and disadvantages, use of sampling techniques and use of tests
Unit 7
Internal Control - concept and objectives of internal control; characteristics of an effective system of internal controls; elements and basic principles and inherent limitations.
Unit 8
Internal Check - meaning and significance of internal check; objectives and characteristics of an effective internal check system; advantages and disadvantages
Unit 9
Internal Controls in Computer-based Systems - IT revolution; challenges in internal controls; aspects of internal controls applicable in IT environment and internal controls for
Unit 10
Internal Controls on the Accounting Function -Internal control considerations, cash functions like Cash and bank; Salaries and employee benefits; Purchases and creditors; Sales and debtors; Inventories; Fixed assets and investments and other accounting activity.
Unit 11
Evaluation of Internal Control Systems - objectives of evaluation; steps in evaluation; techniques of evaluation; flowcharts and internal control questionnaires; internal control schemes.
Unit 12
Dimensions of Internal Control - internal control and risk assessment; internal control in banking and insurance,
Unit 13
Audit Practices in relation to the Accounting System and Related Internal Controls - SAP: 6: “Study and Evaluation of the Accounting System and Related Internal Controls in Connection with an Audit.”
Unit 14
Internal Audit Reports - features of a good internal audit report;
Unit 15
Internal Audit in an EDP Environment - audit planning in