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Category: Procurement Audit & Risk Management

Feb 26

Company constitution

adminLeave a commentCompany law notes, Procurement Audit & Risk Management

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

Procurement and Audit notes revision
Feb 15

Coping with and adopting to emerging issues and trends in procurement audit and risk management

Teacher MartinLeave a commentProcurement Audit & Risk Management

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

Procurement and Audit notes revision
Feb 15

Challenges and opportunities posed by the emerging issues and trends in procurement audit and risk management

Teacher MartinLeave a commentProcurement Audit & Risk Management

• 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 and Audit notes revision
Feb 15

Emerging Issues and Trends in Procurement Audit

adminLeave a commentProcurement Audit & Risk Management

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

Procurement and Audit notes revision
Feb 15

Business Risks and Procurement Audit

Teacher MartinLeave a commentProcurement Audit & Risk Management

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

Procurement and Audit notes revision
Feb 15

Minimizing Liability Arising from Audit Risk.

adminLeave a commentProcurement Audit & Risk Management

• 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

Procurement and Audit notes revision
Feb 15

Procurement Audit Risks

adminLeave a commentProcurement Audit & Risk Management

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

Procurement and Audit notes revision
Feb 15

Types of Auditors Liability

Teacher MartinLeave a commentProcurement Audit & Risk Management

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

Procurement and Audit notes revision
Feb 15

Data and Information Back-Up

adminLeave a commentProcurement Audit & Risk Management

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

Procurement and Audit notes revision
Feb 15

Insurance

Teacher MartinLeave a commentProcurement Audit & Risk Management

Insurance is a form of risk management used to ‘hedge’ against the risk of a contingent, ‘Uncertain loss, or a loss which may not occur. In technical terms, ‘hedging’ is a technique of taking a position (making an investment) in Read more

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