Management Control System : Auditing

Presented by : Supriya Ghawale Roll Number : 16

AUDITING
Audit is the activity of examination and verification of records and other evidence by an individual or a body of persons so as to confirm whether these records and evidence present a true and fair picture of whatever they are supposed to reflect. Audits are most commonly used in the accounting and finance functions

Categories Of Audits
Financial statement audit Internal audit Information systems audit Management audit Social audit

The auditing process

Staffing the audit team Creating an audit project plan Laying the ground work Conducting the audit Analyzing audit results Sharing audit results Writing audit reports Dealing with resistance to audit recommendations Building an ongoing audit program

Benefits of an Audit
Analyze and understand financial records in Bank Identify key areas for improvement in Bank Assess risks, economy, efficiency and quality. Evaluate new technology.

Uncover fraudulent or other illegal activities within Bank

Reinforce and strengthen internal control.
Auditors have a unique broad perspective of a company which they apply to deliver

effective analyses and relevant information. Management can use this information
to evaluate the company and implement measures necessary to meet their objectives.