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Thread: 15 Standard on Internal Audit - SIA 15 Knowledge of the Entity and its Environment

  1. #11
    AAS
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    Default Nature of the Entity in internal auit

    Nature of the Entity

    * Operations
    * Ownership and governance structures
    * Types of investments that the entity is making and plans to make
    * The way that the entity is structured and how it is financed

  2. #12
    AAS
    Guest

    Default Business Operations in internal audit

    Business Operations in internal audit

    * Nature of revenue sources, products or services, and markets, including involvement in electronic commerce such as internet sales and marketing activities.
    * Conduct of operations (for example, stages and methods of production, or activities exposed to environmental risks).
    * Alliances, joint ventures, and outsourcing activities.
    * Geographic dispersion and industry segmentation.
    * Location of production facilities, warehouses, and offices, and location and quantities of inventories.
    * Key customers and important suppliers of goods and services, employment arrangements (including the existence of union contracts, pension and other post employment benefits, stock option or incentive bonus arrangements, and government regulation related to employment matters).
    * Research and development activities and expenditures.
    * Transactions with related parties.

  3. #13
    AAS
    Guest

    Default Investment and Investment Activities

    Investment and Investment Activities

    * Planned or recently executed acquisitions or divestitures.
    * Investments and dispositions of securities and loans.
    * Capita I investment activities.
    * Investments in non consolidated entities, including partnerships, joint ventures and special purpose entities.

  4. #14
    AAS
    Guest

    Default Finance and Financing Activities

    Finance and Financing Activities

    * Major subsidiaries and associated entities, including consolidated and non-consolidated structures.
    * Debt structure and related terms, including off balance sheet financing arrangements and leasing arrangements.
    * Beneficial owners (local, foreign, business reputation and experience) and related parties.
    * Use of derivative financial instruments.

  5. #15
    AAS
    Guest

    Default Financial Reporting

    Financial Reporting

    * Accounting principles and industry specific practices, including industry specific significant categories (for example, loans and investments for banks, or research and development for pharmaceuticals).

    * Revenue recognition practices.
    * Accounting for fair values.
    * Foreign currency assets, liabilities and transactions.
    * Accounting for unusual or complex transactions including those in controversial or emerging areas (for example, accounting for stock based compensation).

  6. #16
    AAS
    Guest

    Default Selection and Application of Accounting Policies

    Selection and Application of Accounting Policies

    * The methods the entity uses to account for significant and unusual transactions.
    * The effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.
    * Changes in the entity's accounting policies.
    * Financial reporting standards and laws and regulations that are new to the entity, and when and how the entity will adopt such requirements.

  7. #17
    AAS
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    Default Entity's Objectives, Strategies and Related Business Risks in internal audit

    Entity's Objectives, Strategies and Related Business Risks

    * Industry developments (a potential related business risk might be, for example, that the entity does not have the personnel or expertise to deal with the changes in the industry).
    * New products and services (a potential related business risk might be, for example, that there is increased product liability).
    * Expansion of the business (a potential related business risk might be, for example, that the demand has not been accurately estimated).
    * New accounting requirements (a potential related business risk might be, for example, incomplete or improper implementation, or increased costs).
    * Regulatory requirements (a potential related business risk might be, for example, that there is increased legal exposure).
    * Current and prospective financing requirements (a potential related business risk might be, for example, the loss of financing due to the entity's inability to meet requirements).
    * Use of IT (a potential related business risk might be, for example, that systems and processes are incompatible).
    * The effects of implementing a strategy, particularly any effects that will lead to new accounting requirements (a potential related business risk might be, for example, incomplete or improper implementation).
    * The measurement and review of the entity's financial performance.

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