Internal audit is a core function of any organization that aims for reviewing and improving internal processes, in other words, ensuring an effective internal control system of any organization. The internal audit department is a part of management and is also responsible for the prevention and detection of fraud within the organization.
In an organization, an internal audit department can have multiple responsibilities that can vary from company to company. Internal audit department can be responsible for business process reviews, ensuring regulatory compliances, preparation and presentation of audited financial statements, assessment of business risks, and improving internal controls in the organizations. Internal audit is also involved in identifying any ethical issues and recommend changes to those charged with governance.
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In Part I of the case, you performed preliminary analytical procedures
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The following description represents the policies and procedures for agent expense reimbursements
Capwell Corporation uses a periodic inventory system. The company’s ending inventory
