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Effectiveness can be seen as a composite of composite of competence, procedural arrangements, quality control and quality assurance. The procedural arrangements can be regarded as the tools used by firms and individuals to ensure that audits comply with technical standards ie legal requirements, regulator requirements and auditing standards set by APB.
Effectiveness might be proxied by examining the characteristics of an effective audit term
1. is the term competent?
2 do its members have knowledge of the industry?
3. do they have sound judgement?
4. Are they objective?
5 do they have integrity?
The ACCF meeting determined the characteristics of an effective audit as follows:
1. The financial statements present a true and fair view of the company's financial position.
2. Useful areas for improvement in the company's procedures were highlighted
3 work was completed to schedule and with minimal disruption to the company
It is important to know that there are two aspects to the effective audit- an effective audit firm and the particular audit being effective.
To provide reliable,independent,objective of timely assurance on integrity of internal control framework by conducting reviews,in accordance with internationally accepted standards by a professionally competent multi disciplined team recommending business process improvement and effecting their implementation by management,thereby enhancing overall control and corporate government framework.
