Category: Audit

Changing your auditor can seem like a daunting task, but it can also be a powerful step for your organisation. Staying with the same auditor for years may bring comfort and familiarity, but it can also prevent you from unlocking your full potential. The practise of audit is a regulated profession and must adhere to the pronouncements of the Auditing and Assurance Standards Board (IAASB). There are standards for practically every facet of an audit. The specific standard that regulates the rotation of an auditor is ISA 220, “Quality Control for an Audit of Financial Statements.” ISA 220 provides for the need of an auditor rotation to enhance auditor independence and objectivity. This can help to prevent the development of long-term relationships between auditors and clients, which can impair the…

There are several common pain points that non-profit organizations in East Africa experience when engaging with auditors of financial statements. Whereas audit findings can vary widely depending on the specific circumstances of each organization. From our experience with audits of non-profit organizations, there are certain areas that may be commonly identified as issues during the audit process, including but not limited to: Lack of proper financial documentation: Non-profit organizations may have inadequate documentation or records of their financial activities, which can make it difficult to accurately report on their financial position. Non-compliance with financial regulations: Non-profit organizations may not be fully compliant with financial regulations, such as requirements for financial reporting or restrictions on the use of funds. Weak financial controls: Non-profit organizations may have weak financial controls, such as…

An auditor is a professional who examines and evaluates an organisation’s financial statements to ensure that they are accurate. They also review the internal controls of a company to make sure that they are effective. Auditors play an important role in ensuring the accuracy of financial statements and helping to protect investors, donors, and other stakeholders. Types of auditors External auditors An external auditor is an independent professional who examines the financial statements of an organisation to ensure that they are true and fair. They also review the internal controls of to make sure that they are effective. External auditors are an essential component in building public trust in institutions and guarding against the excesses of senior management. Investors and other interested parties rely on the external audit to provide credible assurance…

Information systems audits are becoming an integral part of procedural initiatives taken by organisations. With the proliferation of cloud systems, changes in ways of working and intensified cyber-attacks; IT system audits are more commonplace. In the course of the information system audit means, you will be required to carry out a variety of tasks; it is important to have a checklist.  You need to keep track of what tasks are completed and which ones remain outstanding. In this article, we will discuss the basic checklist required for an IT auditor in field of security and infrastructure check. Part 1: People The audit objective of this stage is to confirm whether the organization’s data processing procedures provide for adequate segregation of duties. To meet this objective, you will need to review the…

When you think of the word “forensic,” what comes to mind? Crime scene investigations, murder mysteries, and law enforcement officials gathering evidence to solve a crime. All of these images are accurate when it comes to forensic auditing. But did you know that forensic auditors can be used in many other settings as well? In this blog post, we will discuss the seven benefits of a forensic audit and how this powerful investigative tool can be used in business and beyond. What is a forensic audit? A forensic audit is an examination of financial records to determine if there has been any criminal activity. Forensic auditors use their skills in accounting, auditing, and investigation to look for signs of fraud, embezzlement, or other financial crimes. How is forensic audit conducted?…

In order to maintain regulatory compliance, many organizations undergo periodic compliance audits. What is a compliance audit? What are the different types of compliance audits? How are compliance audits conducted? Why are they important? In this article, we will answer these questions and more. We will also provide a comprehensive guide to compliance audits, including what they are, how they’re conducted and why they matter. What Is a Compliance Audit? A compliance audit is a comprehensive review of an organization’s adherence to regulatory guidelines. The auditor must assess risks, examine and evaluate internal controls, gather evidence and prepare a detailed report on deficiencies and necessary improvements.  The goal of a compliance audit is to identify any areas in which the organization may be non-compliant and to recommend corrective actions. Compliance…

You may have heard of the term “project audit” before, but you’re not quite sure what it means. A project audit is a process by which the overall health and status of a project is assessed. This includes reviewing all aspects of the project, from its inception through to completion. It is typically carried out by a third party, such as an independent consultant or contractor. Who Performs a Project Audit? A project audit can be carried out by anyone with the necessary knowledge and experience. However, it is typically performed by a third party such as an independent consultant or contractor. This ensures that the audit is impartial and unbiased. What Is Included in a Project Audit? A project audit includes a review of all aspects of the project,…