COST ACCOUNTING
COST ACCOUNTING STANDARDS
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Question
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Employees within organizations who assess whether managers are following established operating procedures and evaluate the efficiency of operating procedures.
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The rules adopted by the accounting profession that make up acceptable accounting practices for the preparation of financial statements.
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Detailed explanation-1: -Assurance services involve the internal auditor’s objective assessment of evidence to provide an independent opinion or conclusions regarding a process, system or other subject matter. The nature and scope of the assurance engagement are determined by the internal auditor.
Detailed explanation-2: -The internal audit activity 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.”
Detailed explanation-3: -Operational Audit The company may want to assess how things are done and whether resources are being used more efficiently. During an operational internal audit, the auditor will review whether current staff and processes fulfil the mission statement, value, and objectives of a company.
Detailed explanation-4: -An internal audit is an audit which is performed to ensure that the system of internal controls instituted by the management of a company is functioning in the manner intended by the key managerial personnel of the company and also for the welfare of the members of the company.