FUNDAMENTALS OF COMPUTER

Detailed explanation-1: -The audit charter outlines the overall authority, scope and responsibilities of the audit function to achieve the audit objectives stated in it. Audit Calendar will include planning of audit department. Risk register will include details of identified risk and its mitigating controls.

Detailed explanation-2: -Audit Charter outlines the overall authority, scope and responsibilities of the Audit Function. Functions of External Audit are governed by Engagement letter.

Detailed explanation-3: -The Charter defines the purpose of the audit office, gives authority to conduct audits and defines areas of responsibility. The Charter also defines others’ responsibilities for providing access and cooperation during audits or other reviews.

Detailed explanation-4: -Audit charter is a formal document that defines internal audit purpose, authority, responsibility and position within an organization.

Detailed explanation-5: -The prime objective of an audit charter is to: Document the procedural aspect of an audit. Document system and staff requirements to conduct the audit. Document the ethics and code of conduct for the audit department. Document the responsibility and authority of the audit department.