1.tell me five points of check list of an audit.
2.what do you checking in statutory audit.five main points.
3.what do you checking in internal audit five main points.
4.which five major points checking according to caro.
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Answer Posted / Puneet Deval
1. Audit Checklist:n a) Understanding the client's business and its environmentn b) Agreeing on the scope and objectives of the auditn c) Planning the audit, including identifying risks, materiality, and internal controlsn d) Executing the audit, gathering evidence, and testing transactionsn e) Reporting findings and recommendations.n
2. Statutory Audit Checklist (Main Points):n a) Verifying the accuracy of financial statementsn b) Assessing compliance with laws, regulations, and accounting standardsn c) Examining internal controls and risk management systemsn d) Testing transactions for completeness, accuracy, and validityn e) Evaluating the effectiveness of the audit committee.n
3. Internal Audit Checklist (Main Points):n a) Assessing the organization's governance structure and risk management processesn b) Examining internal controls and compliance with policies and proceduresn c) Testing operational efficiency, effectiveness, and economic feasibilityn d) Evaluating information systems and technology controlsn e) Providing recommendations for improvement.n
4. COSO (Committee of Sponsoring Organizations of the Treadway Commission) Internal Control – Integrated Framework:n a) Control Environmentn b) Risk Assessmentn c) Control Activitiesn d) Information and Communication Systemsn e) Monitoring.
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