1AuditingAnswer to question 5:Answer to question 5: Table of Contents Answer to question 5:......................................................................................................................2
2AuditingAnswer to question 5:Answer to question 5: Answer to question 5: Being a part of the internal audit for Cromwell was an honor for the auditor. Full dedication was shown while doing the auditing program for such a reputed company was a great experience. Performing the audit program in just two days was a huge and very difficult task for the auditor. Gathering the most effective people from the organization who would have a better idea regarding the procedures of audit and some the financial calculations. Few of the people may not support the audit program and it is important to find out those officials who would support the program and also help the auditor to find out some of the loopholes and the current conditions of operations department. It is well known by the auditor that the workers were not following the rules and regulations of the organization and maintain the machines properly, the store room of the chemicals and drugs are not properly maintained, the lightings of the staircase area, proper cap was not provided to any bottle and the ceiling of the that area is also not in proper condition. Preparing the audit proposal as per the need of the operations and the manufacturing department and then gathering the required audit team was tough. The internal auditor strategically planned the two days immediate audit program which included the initial stage of the audit program and the last step which is setting up a minutes of closing meeting to present the complete audit report. This question provides a better picture of the last step which involves the meeting part and the members of that meeting were the board of directors of Cromwell, the stakeholders and the audit team members (Wildapricot.com., 2020). The following below points must be properly and step wise followed by the auditor to complete the audit program successfully:
3AuditingAnswer to question 5:Answer to question 5: Step 1 - Thanking the auditees:this is the initial step of the board meeting where the internal auditor or the audit leader must thank all the audit members and the board of directors to help him conduct the audit program successfully and allow him to visit and analyze all the financial data and operational department of that organization without any hassle. He must thank all the audit members especially because of them such an emergency audit program was possible in such short time span. Their cooperation and knowledge helped him to conduct the program so fast. Step 2 -Thanking the management:The next step is to thank the management for allowinghimtoconducttheauditprogramandalsovisittheoperationaland manufacturing department. The management also helped the auditor to extracted required an authentic financial data and information of the organization to get a trusted audit report. Step 3 - Explaining the auditees the exact reason for auditing:now the next step is to explaining or reminding the auditees with the exact reason of auditing. This step involves the description of proper audit program along with the difference which is stated in Cromwell and management department’s current condition. This will also involve the current situation of the operational and manufacturing department and the reason behind the situation. Step 4 –Stating the whole sample of system:now the important step is to explain the auditees and the audit team members that all the audit framework is properly maintained while the audit program was conducted. This step also involves following up the previous sample by the audit leader so that a proper audit program can be conducted.
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4AuditingAnswer to question 5:Answer to question 5: Step 5 –Presenting the findings:thisstep involvesspecifying and helping the management to understand which audit method was used by the auditor in detail. The purpose of audit program and selection of the roper audit method for conducting the programinsuchashorttimespanshouldbeclearlyexplainedinthemeeting (Smallbusiness.chron.com., 2020). Step 6 –Confirming the observation and the non-conformities:the detail of every issue must be presented in that meeting noted by the audit leader. The issues in the operating and the manufacturing department must be clearly explained here so that the issue is mainly focused by the board of directors and certain steps are taken accordingly for the betterment of the organization in future (QuickBooks., 2020). Step 7 –Closed Summary:this step is important for the audit leader because here the summary of the whole audit process is to be explained to the management about how the whole audit program was completed in just two days step wise (Managementhelp.org., 2020). Step 8 –Final conclusion:now the next step is to explain and share how satisfactory or unsatisfactory was the whole audit program for audit leader. The whole audit process conducted was smooth or not and how difficult it was to extract all the important financial data & information for making a better audit report for the organization (Inc.com., 2020). Step 9 – Receiving of the report:now the audit leader will specify to the board of directors regarding when the actual and full audit report will be provided to them so that they can officially publish it on their official website following the rules. That audit
5AuditingAnswer to question 5:Answer to question 5: report will contain the full detail of the conduction of the audit report and which steps and methods were thoroughly followed (Iia.org.uk., 2020). Step 10 –Suggestion:it is the most important step because here the audit leader will suggest the organization some of the steps which can be followed by them to improve the situation of the operational and manufacturing department so that the production gets improved which will result in more selling and earning profit. This will ultimately increase the financial condition of the organization and help holding their market position (Englishclub.com., 2020). Step 11 –Questions:the final step involves questions and queries from any of the member present in the meeting. The members can ask for more clarification regarding any of the steps involved in the audit process and audit leader is bound to explain it clearly. This step is very important because each and every member present in that meeting must understand the details of audit report (Cleartax.in., 2020).
6AuditingAnswer to question 5:Answer to question 5: References: Cleartax.in. (2020). Duties of Auditor. Retrieved 7 March 2020, from https://cleartax.in/s/duties- of-auditor Englishclub.com. (2020). Closing a Meeting | Business English | EnglishClub. Retrieved 7 March 2020, from https://www.englishclub.com/business-english/meetings-closing.htm Iia.org.uk. (2020). What is internal audit? | About us | IIA. Retrieved 7 March 2020, from https://www.iia.org.uk/about-us/what-is-internal-audit/ Inc.com. (2020). 7 Ways to End Every Meeting on a Positive Note. Retrieved 7 March 2020, fromhttps://www.inc.com/peter-economy/7-effortless-ways-to-end-every-meeting-on-a- positive-note.html Managementhelp.org. (2020). Basic Sample of Board of Directors Meeting Minutes. Retrieved 7 March 2020, from https://managementhelp.org/boards/sample-minutes.htm QuickBooks. (2020). Duties of Auditor: Who is Auditor ? & Check Their Basic Rights - QuickBooks.Retrieved7March2020,from https://quickbooks.intuit.com/in/resources/accounting-taxes/duties-of-an-auditor/ Smallbusiness.chron.com. (2020). Example of Meeting Minutes. Retrieved 7 March 2020, from https://smallbusiness.chron.com/example-meeting-minutes-3157.html Wildapricot.com.(2020).HowToWriteEffectiveMeetingMinuteswithTemplatesand Examples. Retrieved 7 March 2020, from https://www.wildapricot.com/articles/how-to- write-meeting-minutes