INTERNAL AUDIT FINDINGS REGISTRATION
INTERNAL AUDIT FINDINGS CODE
INTERNAL AUDIT FINDINGS ISO
INTERNAL AUDIT FINDINGS PROFESSIONAL

When internal personnel are selected to perform an audit, a mechanism needs to be established to ensure objectivity, for instance, a representative from another department may be selected to do the audit.Īudits are demanding and require various forms of expertise. Auditors may be external or internal personnel however, they should be in a position to be impartial and objective. Evidence-based approach: Evidence must be verifiable and be based on samples of the information available.Ĭompetence level may be measured by training, participation in previous audits and experience in conducting audits.Independence: Auditors must be independent of the activity being audited and be objective.

INTERNAL AUDIT FINDINGS PROFESSIONAL

Professional care: Auditors must exercise care in accordance with the importance of the task they perform.Fair presentation: Audit findings, conclusions and reports reflect truthfully and accurately the audit activities.Ethical conduct: Trust, integrity, confidentiality and discretion are essential to auditing.The following principles relate to auditors: It also allows auditors working independently from one another to reach similar conclusions when auditing in similar circumstances.

INTERNAL AUDIT FINDINGS ISO

This requirement is unchanged from the requirements of ISO 9001:2008 Clause 8.2.2 – Internal Audit.Īuditing relies on a number of principles whose intent is to make the audit become an effective and reliable tool that supports your company’s management policies and policies whilst providing suitable objective information that your company can act upon to continually improve its performance.Īdherence to the following principles are considered to be a prerequisite for ensuring that the conclusions derived from the audit are accurate, objective and sufficient. To meet statutory and regulatory requirements.To explore opportunities for improvement.

To determine the effectiveness of the implemented system in meeting specified objectives (quality, environmental, financial).

Ensuring compliance to the requirements of internal, international and industry standards & regulations, and customer requirements.

Your organization will likely conduct internal audits for one or more of the following reasons: Faculties and services may want to refer to Financial Services to know and understand specific GST requirements and calculations.Our Internal Audit Procedures & Checklists are proven to work. The University can claim a portion of the GST paid on its purchases. Miscalculation of Goods and Services Tax (GST) receivable Moreover, petty cash is not to be used to reimburse travel expenses.

INTERNAL AUDIT FINDINGS CODE

Claimants need to sign and financially code the invoices submitted for reimbursement. Invoices must be brought to the petty-cash custodian within 30 days of the purchase date. Petty-cash policies are not being adhered to Credit-card or debit-card receipts are usually insufficient to support restaurant expenses, so they need to be accompanied by the original bill.

INTERNAL AUDIT FINDINGS REGISTRATION

Insufficient documentation to support travel claimsīoarding passes to support flights taken, copies of conference programs and registration receipts are required when employees attend a conference. The University has to assess these relationships properly, because, as all employers, the University must, on the one hand, deduct income tax, Canada Pension Plan and Employment Insurance premiums and, on the other, make employer contributions for all individuals deemed to be employees. Individual paid either as an employee (through Payroll) or as an independent contractor (through Finance) Only very exceptionally should expenses be allocated to the Miscellaneous General Ledger expense account. Improper use of General Ledger accountsĮmployees need to ensure they are coding expenses to the proper General Ledger account. Inefficient and ineffective processes or proceduresįaculties and services benefit from reviewing their administrative processes to avoid, for example, improper duplication of responsibilities in job descriptions and cumbersome processes with useless, time-consuming steps. Procedures must also comply with University policies. Written procedures thus help units continue to operate without disruption. Written procedures are an important training tool for new or temporary staff and for current employees who fill in when colleagues are sick or on vacation. Lack of written proceduresĪll aspects of faculty or service operations should be clearly documented in an up-to-date procedures manual. Non-compliance with University of Ottawa policies and proceduresĮmployees need to acquaint themselves with all University policies and procedures, and follow them.

Internal audit findings