What are the methods and types of internal audit?

Types:-

Financial audits involve the evaluation of internal control processes over revenues and expenses, and the accuracy of their reporting in accordance with laws, regulations and internally developed policies and procedures. In addition, the safeguarding of the University's assets, as well as the fair presentation of its rights and obligations may be the subject of financial audits.Operational audits examine the use of the university's resources to evaluate whether those resources are being used in the most efficient and effective way to fulfill the university's mission and objectives. These are sometimes called performance audits. An operational audit may include elements of both a financial and compliance audit.

Compliance audits review both financial and operating controls and transactions to see how well they conform to established laws, standards, regulations and procedures. In addition the audit might identify gaps between regulations and university procedures, and in turn, would suggest training and follow-up programs to ensure personnel are adequately informed about compliance requirements.

Information Technology audits evaluate the internal controls related to the management of information technology environments and related infrastructure, applications and data.  Typical areas assessed include: governance with related policy and process documentation; security (physical and logical over information, applications and infrastructure assets); change management; monitoring; and business continuity/disaster recovery.  Controls are evaluated based on industry organizations and audit standards such as ISO27002 (International Organization for Standards), ISACA (Information Systems Audit and Control Association) and related COBIT (Control Objectives for Information and related Technology), and IIA (Institute of Internal Auditors), GTAG (Global Technology Audit Guides), as well as adherence to laws and regulations.

Methods:-

Perhaps you are referring to internal audit reports. Internal auditors typically issue reports at the end of each audit that summarize their findings, recommendations, and any responses or action plans from management. An audit report may have an executive summary; a body that includes the specific issues or findings identified and related recommendations or action plans; and appendix information such as detailed graphs and charts or process information. Each audit finding within the body of the report may contain five elements, sometimes called the "5 C's": 1. Condition: What is the particular problem identified? 2. Criteria: What is the standard that was not met? The standard may be a company policy or other benchmark. 3. Cause: Why did the problem occur? 4. Consequence: What is the risk/negative outcome (or opportunity foregone) because of the finding? 5. Corrective action: What should management do about the finding? What have they agreed to do and by when? 

Thanks for your invitation.According to IIA definition, “internal audit is independent activity, including objective evidences and consultancy activities, adding value and improving operation of the institution. It helps the institution in achievement of its goals, in evaluation and improvement of the autonomous process of risks management, control and management, using systemic and organized approach”.

Types:

1. Departmental Audits 2. Financial Audits 3. Operational Audits 4. Grant and Contract Audits 5. Fraud and Financial Irregularity Audits 6. Follow up Audits 

Method:

 Each audit finding within the body of the report may contain five elements, sometimes called the "5 C's": 

1. Condition: What is the particular problem identified? 

2. Criteria: What is the standard that was not met? The standard may be a company policy or other       benchmark. 

3. Cause: Why did the problem occur? 

4. Consequence: What is the risk/negative outcome (or opportunity foregone) because of th finding?

5. Corrective action: What should management do about the finding? What have they agreed to do   and by when? 

Types of Internal Audit 

. -: financial audit -1 

  It is intended to analyze the economic activity of the facility and evaluate accounting systems and information systems and reports 

And the extent of financial dependence. 

  . -: -2 commitment audit 

  It is a review of controls (financial, operational and operations) to judge the quality and relevance 

Systems that have been developed to ensure compliance with regulations, legislation and policies set by the administration 

And procedures. 

  . -: operational audit -3 

  A comprehensive review of the various functions within the enterprise (such as sales, purchases, production, accounts, 

Maintenance ... etc.) to ensure efficiency, effectiveness and suitability of these functions in achieving the objectives of the facility.

Types of audit Different types of audit by the nature of the audit 1 in terms of the existing audit work * - Internal Audit * - Scrutiny from abroad 2 cram in terms of implementation of audit * - Mandatory audit * - Optional scrutiny 3 in terms of scope and purpose * - Financial Audit * - For the purposes of tax audit and legal * - Audit to assess the productivity Competence. 4 in terms of the size of the sample tests * - Comprehensive audit * - Check optional "random" 5 in terms of the timing of the audit and continuity * - Final audit * - Continued scrutiny

1 in terms of the assignment: general and partial 

2 in terms of the CRAM: mandatory and optional 

3-in time: infinite and continuous 

4-review mechanism, economic and social 

And Moasfadthaha a set of general rules prepared complexes of accounting to guide auditors valuable performance review process consists recognized auditing rules of the three groups, related to the first group with someone auditor (general rules) and the second set procedures for the field work for the auditor (the rules of field work), as related to The third group of the report of the auditor (the auditor's opinion