Need questions for Internal Audit of Financial departement?

C

chergh - 2008

#11
The best place to start is identifying the processes that involve the finance department. Once you have identified the processes follow these processes in your audit.

When I audit finance it pretty much soley covers the billing process, I dont touch anything to do with how accounts are organised, banking is performed payroll etc. as I don't have knowledge of the rules and systems of these and these are covered in finicial audits.

For your company, project management, billing is likely to be your main area.
Some questions could be:

how do they know when they need to generate an invoice?

how do they know the terms of payment?

what information do they need to calculate invoices?

how do they ensure they have all the information for generating an invoice (time sheets, items your company has supplied etc.)?

how do they track invoices once sent to customer ?

Hope this helps get you started.
 
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D

Duke Okes

#12
There are many management systems with an organization:

- quality management
- safety management
- environmental management
- human resource management
- information technology management
- financial management
etc.

ISO 9001 is about quality management, which, unless the organization is in the financial services business, will have very little impact on the finance department.
 
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