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26 Cards in this Set

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Internal v. External Auditing?
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Financial v. Operational v. Management Auditing?
• All: An independent appraisal to examine to Financial, Operational, and Managerial activities, and report and recommend upon findings.

1.) Financial: Do these comply with G.A.A.P.?
• Accounting Records/Financial Statements
• Revenues, Expenses, Assets, Liabilities, OE

2.) Operational: Assets their Efficiency and Vulnerability to Fraud and Ability to achieve its Goals
• Activities of Production, Marketing, Transportation, Financial, and Personal

3.) Managerial: Are managerial structures effiecient?
• Issues of Economic Function, Organizational Structure, Performance, Policies, Executives (People)
Internal Auditing Functions v. Goals v. Importance?
1.) Functions
• Designing auditing systems, internal controls, examine financial, operational, and managerial issues
• Investigate fraud, Direct auditing department, Report and Recommend upon findings

2.) Goals
• Control Financial, Operational, and Managerial activities and Prevent/Detect Fraud
• Highlight both the positive and negative

3.) Importance
• Protects the financial resources, interests, wise-guides managerial decisions, enhances efficiency
Authority v. Responsibility of the Internal Auditor
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Managerial Plans v. Programs?
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Managerial Plans v. Policies?
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Managerial Planning v. Control?
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Major v. Subsidiary Internal Controls?
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The Protective v. Constructive Dimension of Internal Control?
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Internal v. External Supporting Evidences?
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Random v. Interval Internal Auditing Statistical Samples?
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Interval v. Stratified Internal Auditing Statistical Samples?
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The Nature v. Scope of Internal Auditing Activities?
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Pros v. Cons of the Decentralization of the Internal Auditing Authority?
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Theoretical v. Practices v. O.J.B. Internal Auditing Training Activities?
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Internal Auditing Planning v. Controlling Functions?
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Internal Auditing Plans v. Procedures?
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Qualified v. Unqualified Internal Auditing Reporting?
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Internal Auditing Interviewing Functions v. Methods v. Techniques?
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Open-end v. Qualified Internal Auditing Questionnaires?
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Process v. Job-Order Production Systems?
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Centralization v. Decentralization of the Purchasing Activities?
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Internal Controls: Accounting?
• Imposed by the virtue of the Financial and Cost Statements of an organization
Internal Controls: Administrative?
• Stems from the Corporate Policies, Plans, and Procedures
Internal Controls: Organizational?
• Stems from the Organizational Chart
Internal Controls: Protective v. Constructive?
1.) Protective: Aims to protect the assets and financial resources of an organization against:
• Errors • Fraud • Theft • Managerial abuse and malpractive • Financial Statement manipulation

2.) Constructive: Aims to improve the operating efficiency, productivity, and profitability by:
• Cost restructuring • Elimination of unprofitable products • Reorganization of corporate structure
• Mergers/Acquisitions • Integration