Auditing: Internal Controls and Test of Controls

Auditing
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Introduction:
• Audit is an objective investigation and
analysis of the financial statements of an
organisation to represent fair view of the
statements
• Could be conducted internally by staffs of the
organisation or externally by an outside
organisation
• Focus would be kept on analysing the internal
test of control and the types of control

Internal controls:
• Type of audit examination on the internal
control of an organisation
• Audit internal controls have relationship
with internal control over financial reporting
• Quality of financial statements depends on
internal control
• Internal controls normally conducted
during audit planning; however, they could
be conducted at the stages of execution