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Chapter 4

Controls

Outcome

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

 identify the requirements for external audit and the basic processes undertaken

 explain the meaning of fair presentation

 distinguish between external and internal audit

 explain the purpose and basic procedures of internal audit; the need for
financial controls and the purpose of audit checks and audit trails

 explain the role of internal audit in non-financial monitoring and control activities

 illustrate the added value internal audit provides to both the board and
management of the corporation

 explain the nature of errors

 explain the nature of fraud

 describe the different methods of fraud prevention and detection

and answer questions relating to those areas.

The underpinning detail for this chapter in your Integrated Workbook can be
found in Chapter 4 of your Study Text.

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