A literature review is an account of what has been published on a topic by accredited scholars and researchers.
Software audit review An information technology audit, or information systems audit, is an examination of the management controls within an Information technology IT infrastructure.
The evaluation of obtained evidence determines if the information systems are safeguarding assets, maintaining data integrityand operating effectively to achieve the organization's goals or objectives.
These reviews may be performed in conjunction with a financial statement auditinternal auditor other form of attestation engagement.
Financial audit Due to strong incentives including taxationmisselling and other forms of fraud to misstate financial information, auditing has become a legal requirement for many entities who have the power to exploit financial information for personal gain. Traditionally, audits were mainly associated with gaining information about financial systems and the financial records of a company or a business.
Financial audits are performed to ascertain the validity and reliability of information, as well as to provide an assessment of a system's internal control.
The opinion given on financial statements will depend on the audit evidence obtained. Due to constraints, an audit seeks to provide only reasonable assurance that the statements are free from material error. Hence, statistical sampling is often adopted in audits. In the case of financial auditsa set of financial statements are said to be true and fair when they are free of material misstatements — a concept influenced by both quantitative numerical and qualitative factors.
But recently, the argument that auditing should go beyond just true and fair is gaining momentum. In simple words, the term, cost audit means a systematic and accurate verification of the cost accounts and records, and checking for adherence to the cost accounting objectives.
According to the Institute of Cost and Management Accountantscost audit is "an examination of cost accounting records and verification of facts to ascertain that the cost of the product has been arrived at, in accordance with principles of cost accounting. These standards assure third parties or external users that they can rely upon the auditor's opinion on the fairness of financial statements or other subjects on which the auditor expresses an opinion.
The audit must therefore be precise and accurate, containing no additional misstatements or errors. Such an audit is called an integrated audit, where auditors, in addition to an opinion on the financial statements, must also express an opinion on the effectiveness of a company's internal control over financial reporting, in accordance with PCAOB Auditing Standard No.
Due to the increasing number of regulations and need for operational transparency, organizations are adopting risk-based audits that can cover multiple regulations and standards from a single audit event.
Although the process of producing an assessment may involve an audit by an independent professional, its purpose is to provide a measurement rather than to express an opinion about the fairness of statements or quality of performance. For publicly traded companiesexternal auditors may also be required to express an opinion on the effectiveness of internal controls over financial reporting.
External auditors may also be engaged to perform other agreed-upon procedures, related or unrelated to financial statements. Most importantly, external auditors, though engaged and paid by the company being audited, should be regarded as independent and remain third party.
For publicly traded companiesexternal auditors may also be required to express an opinion on the effectiveness of internal controls over cost reporting. Cost auditing Government Auditors review the finances and practices of federal agencies. These auditors report their finds to congress, which uses them to create and manage policies and budgets.
Government auditors work for the U. Government Accountability Office, and most state governments have similar departments to audit state and municipal agencies. For bigger public companiesexternal secretarial auditors may also be required to express an opinion on the effectiveness of internal controls over compliances system management of the company.
Internal auditors are employed by the organisations they audit. They work for government agencies federal, state and local ; for publicly traded companies; and for non-profit companies across all industries. The internationally recognised standard setting body for the profession is the Institute of Internal Auditors - IIA www.
The IIA has defined internal auditing as follows: It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes". Internal audit professionals Certified Internal Auditors - CIAs are governed by the international professional standards and code of conduct of the Institute of Internal Auditors.
Professional internal auditors are mandated by the IIA standards to be independent of the business activities they audit. This independence and objectivity are achieved through the organizational placement and reporting lines of the internal audit department.
Internal auditors of publicly traded companies in the United States are required to report functionally to the board of directors directly, or a sub-committee of the board of directors typically the audit committeeand not to management except for administrative purposes.
As described often in the professional literature for the practice of internal auditing such as Internal Auditor, the journal of the IIA -  or other similar and generally recognized frameworks for management control when evaluating an entity's governance and control practices; and apply COSO's "Enterprise Risk Management-Integrated Framework" or other similar and generally recognized frameworks for entity-wide risk management when evaluating an organization's entity-wide risk management practices.Sample Literature Review CHAPTER TWO: LITERATURE REVIEW Chapter 2 is an overview of online business and an exploration of trust as a These measures and policies must be aligned with internal practice policies to ensure tight privacy and security outcomes.
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Conducting a good literature review takes patience and is a matter of practice. Take solace that even the best scientists can fall into the trap of using poor evidence. However, it’s all part of the scientific process. This study examines the concept of human capital accounting as it relates to the public sector of developing countries.
It interrogates the origin of the concept of human capital accounting. It studies what human capital accounting portends for the public sector in developing countries.
This article presents a comprehensive review of academic research pertaining to auditor independence and audit quality. This literature review is conducted based on published articles during the period in nine leading journals related to auditing.
We organize our review around four main threats to auditor independence, namely, (a) . The purpose of Auditing: A Journal of Practice & Theory is to contribute to improving the practice and theory of auditing.
The term “auditing” is to be interpreted broadly and encompasses internal and external auditing as well as other attestation activities (phenomena).