Page 241 - F1 - AB Integrated Workbook STUDENT 2018-19

Chapter 16

Audit and financial control

Outcome

By the end of this session you should be able to:

 identify and describe the main audit and assurance roles in business
– internal

– external audit

 explain the main functions of the internal auditor and the external auditor and
how they differ

 explain basic legal requirements in relation to preparing and auditing financial
statements
 explain internal control and internal check

 explain the importance of internal financial controls in an organisation

 describe the responsibilities of management for internal financial control

 describe the features of effective internal financial control procedures in an
organisation, including authorisation

 identify and describe the types of information technology and information
systems used by the business for internal control

 identify and describe features for protecting the security of IT systems and
software within business

 describe general and application controls in business

and answer questions relating to these areas.

The underpinning detail for this chapter in your Integrated Workbook can
be found in Chapter 16 of your Study Text

235