Contents
What is audit workflow?
Workflows allow you to assign roles and monitor progress through each stage of the audit process. Once everyone involved has an assigned role, you can more easily communicate with one another to obtain documentation and keep the audit on track.
What is auditing with the help of flow diagram?
As one such tool, flowcharts help auditors to draw auditing diagrams with respect to money and financial management, accounting, financial inventories and entries, tracking information, documenting Six Sigma and Quality business processes.
WHAT IS audit process?
There are five phases of our audit process: Selection, Planning, Execution, Reporting, and Follow-Up.
What are the 3 types of flowchart?
The three most commonly used types of flowcharts include:
- Process Flowchart.
- Data Flowchart.
- Business Process Modeling Diagram.
What are the steps of internal audit?
An internal audit should have four general phases of activities—Planning, Fieldwork, Reporting, and Follow-up. The following provides a brief synopsis of each phase.
Is Auditing compulsory?
As per section 44AB, following persons are compulsorily required to get their accounts audited : A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore. 2 crores.
What is flowchart example?
A flowchart is a type of diagram that represents a workflow or process. A flowchart can also be defined as a diagrammatic representation of an algorithm, a step-by-step approach to solving a task. The flowchart shows the steps as boxes of various kinds, and their order by connecting the boxes with arrows.
What is the diamond in a flowchart called?
Diamond – Used to represent a decision point in the process. Typically, the statement in the symbol will require a `yes’ or `no’ response and branch to different parts of the flowchart accordingly. This shape is used to represent a Document or Report in a process flow.