Course Code: FIN304
Course Title: Internal Audit and Control (4 Credits)
Financial Audit -
Types of Audit - general audits and specific audits; types of general audits and types of specific audits; continuous, periodical and balance sheet audits
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
The Internal Auditor - qualifications for an internal auditor;
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
Internal Audit Programme - nature of internal audit programme; advantages and disadvantages, use of sampling techniques and use of tests
Internal Control - concept and objectives of internal control; characteristics of an effective system of internal controls; elements and basic principles and inherent limitations.
Internal Check - meaning and significance of internal check; objectives and characteristics of an effective internal check system; advantages and disadvantages
Internal Controls in Computer-based Systems - IT revolution; challenges in internal controls; aspects of internal controls applicable in IT environment and internal controls for
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.
Evaluation of Internal Control Systems - objectives of evaluation; steps in evaluation; techniques of evaluation; flowcharts and internal control questionnaires; internal control schemes.
Dimensions of Internal Control - internal control and risk assessment; internal control in banking and insurance,
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.”
Internal Audit Reports - features of a good internal audit report;
Internal Audit in an EDP Environment - audit planning in