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Managing the Audit Function A Corporate Audit Department Procedures Guide by Michael P.Cangemi, Tommie Singleton
Managing the Audit Function A Corporate Audit Department Procedures Guide by Michael P.Cangemi, Tommie Singleton
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Description
Congratulations for managing the audit function
“Over the past two years, there have been a number of events that have increased the role and significance of the internal audit function, including accounting problems, corporate governance difficulties, and legislative initiatives. For individuals tasked with carrying out or supervising this activity, Managing the Audit Function offers an invaluable manual and reference tool.
— Daniel S. Kaplan, Partner at Business Risk Services
LLP Ernst & Young
Since computer systems are so crucial to the execution of corporate operations and the processing of accounting transactions in today’s business climate, it was reassuring to read Internal Audit literature with the proper focus on information systems and information systems auditing.
— William J. Powers, National Director and Partner
Services for Information Systems Assurance
The firm BDO Seidman
A knowledge management tool for the development of quality audit manuals and procedures has been developed by Cangemi and Singleton. All audit managers should read Managing the Audit Function because it contains new and updated information, such as details on the Sarbanes-Oxley Act’s consequences and obligations, and it gives readers the knowledge they need to stay current with those circumstances as they influence the audit function.
— Robert S. Roussey, accounting professor
Southern California University’s Leventhal School of Accounting
Information Systems Audit and Control Association’s international president
“Basically, two of the most experienced IT auditors in the world have written a manual of procedures for an internal auditing department. Because examples of pertinent audit papers, including audit reports, replies to reports, responses to delinquent responses, matrices, checklists, and flowcharts, are provided often, the book is a useful tool. This book should serve as a reference guide in every audit department.
— Dr. Dale L. Flesher, CMA, CPA, CIA, CFE, CGFM
Accounting professor and associate dean
College of Mississippi
Summary of Contents
Foreword.
Preface.
Fundamentals of the internal auditing function are covered in Part One.
Section 1. Background.
Introduction 1.1
1.2 The Auditing History.
1.3 The Internal Auditing History.
1.4 Examining government organizations
1.5 Information Systems Auditing History.
1.6 The Development of Federal Auditing Regulations.
1.7 Internal Auditing-Related Professional Organizations
Section 2. Standards and Duties of Auditing.
2.1 The start.
2.2 Morals.
2.3 Standards for Professional Auditing.
2.4 Standards for the Systems Development Life Cycle.
2.5 Advancement of the Profession.
2.6 Corporate auditor responsibilities.
Section 3. System of internal controls.
Definition, 3.
3.2 Basic Premises When Creating an Internal Control System.
3.3 Models of efficient internal controls.
3.4 Requirements.
3.5 Regulations.
3.6 Risk evaluation.
3.7 Control Techniques
3.8 Negligent Behavior.
3.9 Particular Controls and CAATTs.
MANAGEMENT AND ADMINISTRATION IN PART TWO.
Section 4. Departmental structure.
4.1 The start.
Charter for Corporate Audit.
4.3 Corporate Structure.
4.4 Policies of the Audit Department.
Section 5. Administration, recruiting, and personnel.
5.1 The start.
5.2 Individual Growth.
Personnel Records (5.3).
5.4 Retrospective Periodic Performance Evaluation.
5.5 Annual Conference and Staff Meeting.
5.6 Training for new employees.
TECHNICAL PROCEDURES, PART THREE.
Section 6. Planning an audit.
Planning, scheduling, and staffing for corporate audits.
Internal Regulations.
Materiality, 6.3
Audit Types, Section 6.4
Time reporting (6.5).
6.6 Reporting of Expenses.
7th Chapter Auditing Results.
Matrix of the Corporate Audit Performance Process.
7.2 Paperwork.
7.3 Auditing Goals.
Section 8. Reporting audi.
Process for Corporate Audit Reports.
8.2 Submit a management report.
Report to the Audit Committee, 8.3.
LONG-TERM EFFECTIVENESS IN PART FOUR.
Section 9. Managing the Audit Department’s Efficiency.
Introduction, 9.1.
Corporate Governance, 9.2.
9.3 Quality Control.
9.4 Internal auditors should use continuous improvement systems.
9.5 Promoting the auditing role.
Index.
Details about the Author
The president and CEO of Aigner Group, a renowned wholesale/retail company that creates high-quality branded leather products, is MICHAEL P. CANGEMI, CPA, CISA. He developed and oversaw a service area for internal audit services at BDO Seidman before joining Aigner Group, and he served as general auditor of Phelps Dodge Corporation. Prior to that, he was a partner and national director of EDP auditing for BDO Seidman.
At the University of North Alabama, TOMMIE SINGLETON, CPA, CMA, CISA, CITP, serves as professor and director of the forensic accounting program as well as the development of computer accounting information systems.
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