Internal and external auditing in private school
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Internal auditing is conducted by auditors within an organization to evaluate risk management, controls, and governance processes. It helps improve operations and prevent fraud. External auditing is conducted periodically by an independent accountant to provide reasonable assurance that financial statements fairly present the organization's financial position. It ensures compliance with laws and regulations and provides a second check of the organization's finances and internal audit. Both internal and external auditing aim to improve an organization's processes and operations.
Internal and external auditing in private school
- 1. INTERNAL AND EXTERNAL AUDITING IN PRIVATE SCHOOL Reporter: JONNA MAY M. BERCI
- 2. INTERNAL AUDIT - an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
- 4. - Integral to the organization and provide on going monitoring and assessment of all activities - Their objectives are determined by professional standards, the board and management - It serves the organization by helping it accomplish its objectives, and improving operations, risk management, internal controls, and governance processes.
- 5. - Concerned with all aspects of the organization, both financial and nonfinancial. - Focus on future events as a result of their continuous review and evaluation of controls and processes. - Concerned with the prevention of fraud in any form.
- 7. - Evaluates and provides reasonable assurance that risk management, control, and governance systems are functioning as intended and will enable the organization’s objectives and goals to be met - Reports risk management issues and internal controls deficiencies identified directly to the audit committee and provides recommendations for improving the organization’s operations, in terms of both efficient and effective performance - Evaluates information security and associated risk exposures
- 8. - Evaluates regulatory compliance program with consultation from legal counsel - Evaluates the organization’s readiness in case of business interruption - Maintains open communication with management and the audit committee - Teams with other internal and external resources as appropriate
- 9. - Engages in continuous education and staff development - Provides support to the company's anti-fraud programs. - Provides an independent appraisal function within a school district that evaluates the efficiency and effectiveness of the district's operations as well as compliance with laws, rules, regulations, policies and procedures. - Reviews activities for efficient and effective operations. - Makes recommendations to enhance operations and processes.
- 10. EXTERNAL AUDIT - Periodic or specific purpose audit conducted by external independent qualified accountant.
- 11. - It is designed to provide reasonable assurance that the financial statements fairly present the financial condition. - Reviews internal controls for material weaknesses and checks for compliance with laws, rules and regulations.
- 13. - Determine the accounting records are accurate and complete. - Prepared in accordance with the provisions of statements. - Prepared from the accounts present fairly the organization's financial position, and the results of its financial operations.
- 15. - Independent of the organization and provide an annual opinion on the financial statements - Their objectives are set primarily by statute. - Provide an independent opinion on the organization's financial statements, annually. - Their approach is historical in nature
- 17. 1.) Ensures compliance 2.) Provides credibility. 3.) Critique internal processes 4.) Double check internal audit
- 18. THANK YOU!