Budgeting and Budgetary Control

Summary

Internal audit is an integral part of the financial structure of the public authorities and some private companies. Most public authorities recognised the importance of internal audit many years ago. Today very few, if any, public authorities operate without some form of internal audit. Over the years, however, the precise role of internal audit has changed. In the early days, its primary responsibility was concerned with the detection and prevention of errors and fraud, with perhaps an overdue concentration on examining accounts before payments, collecting income and checking petty cash claims.

Today, internal audit operates in a: more dynamic environment with an emphasis on reviewing systems of internal control. Internal audit exists within enterprises to carry out an independent appraisal of the effectiveness of internal controls, financial and other operating within each organisation.

Learning Objectives

By the end of the session participants should be able to:
1. Explain the role and objectives of internal audit
2. Identify and apply internal auditing standards
3. Understand the essentials for planning, controlling and recording audit work
4. Explain the relationship between internal auditors and external auditors
5. Identify fraud and irregularities

Methodology

Power points presentations, with interactive discussion using relevant job related examples to illustrate the topics.

Target

Managers and Executives of small and medium scale enterprises wishing to understand and institute an internal audit to effectively manage their businesses.

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