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Internal Controls and Audit Practices Guide

The document contains 4 questions about internal controls, audit concepts, computerized systems, and preventing procurement fraud. Question 1 asks about internal controls and recommendations for improvement. Question 2 defines audit evidence, sampling, reports and opinions, and internal audits. Question 3 discusses challenges of computerized procurement systems and overcoming them. Question 4 compares internal and external audits, lists procurement fraud types, and gives examples of how audits prevent fraud.

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Hillary Magero
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4 views1 page

Internal Controls and Audit Practices Guide

The document contains 4 questions about internal controls, audit concepts, computerized systems, and preventing procurement fraud. Question 1 asks about internal controls and recommendations for improvement. Question 2 defines audit evidence, sampling, reports and opinions, and internal audits. Question 3 discusses challenges of computerized procurement systems and overcoming them. Question 4 compares internal and external audits, lists procurement fraud types, and gives examples of how audits prevent fraud.

Uploaded by

Hillary Magero
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Question One

A) Identify and briefly explain the various internal controls in your organization.

B) From the knowledge that you have so far gained regarding this course unit, explain
what you would recommend to your organization so as to improve the internal controls.

Question Two

Using relevant examples, explain the following concepts:

A) Audit Evidence

B) Audit Sampling

C) Audit Report and Opinion

D) Internal Audit

Question Three

"Computerization of Systems in Organizations is a blessing to the Procurement Audit


Practice but the challenges are overwhelming." Explain this statement and clearly
propose what should be done to overcome the challenges.

Question Four 

'Both internal audits and external audits are vital in preventing procurement irregularities
and fraud in organizations".

A) How do internal audits differ from external audits?

B) Identify and explain the various procurement irregularities and frauds that may take
place in an organization.

C) Using examples explain how internal audits and external audits help to prevent the
procurement irregularities and fraud in an organization well known to you.

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