Educational Resources for All
A company’s constitution comprises the Articles of Association and any resolutions and agreements the company makes which affect the constitution. Memorandum of Association under the Companies Act 2015 The memorandum is a simple document which states that the subscribers wish Read more
As the new requirements from stakeholders emerge, procurement auditors must adopt best practices in ensuring that procurement audit practices are in compliance. Some of the suggested best practices in procurement audit includes; 1. Audit planning- In audit work planning, the Read more
• Agility and fluidity of technological innovations • Hacking phenomenon • Cost • Minimum resources available • Cultural challenges • Lack of regulatory framework for enforceability • Insufficiently skilled professionals • Lack of strategic treatment of procurement • Few systematic Read more
Procurement audit is still an evolving practice and such new issues keep emerging. Among the common issues emerging issues in procurement auditing include the use of technology. Since 2016, Canadian Public Accountability Board has also come up with a raft Read more
According to ISA 315 Business risks ‘result from significant conditions, events, circumstances or actions that could adversely affect the entity’s ability to achieve its objectives and execute its strategies, or through the setting of inappropriate objectives and strategies’ It is Read more
• Proper recruitment and training of all personnel. • Allocation of staff with appropriate ability to particular audits. • Planning the work of the firm in such a way that each audit can be approached in a relaxed but disciplined Read more
Audit risk is the ‘risk that the auditor expresses an inappropriate audit opinion when the procurement records are materially misstated’. Risks affecting the procurement system should be taken into account at the time of planning of the audit and may Read more
Auditors are potentially liable for both criminal and civil offences. Criminal liability arises when one breaks the statute laws governing the relationship between persons and the state. Civil liability on the other hand arises when on breaks a laws governing Read more
Data and information back-up is the result of copying or archiving files and folders for the purpose of being able to restore them in case of data or information loss. Data or information loss can be caused by many things Read more