S Nwarran & Co Hiring! Intern - Audit Exec in Selangor, Earn up to MYR 1,200 - Ricebowl

An audit job scope defines the boundaries, objectives, timeframes, and specific areas or processes an auditor will examine. The overall scope of an audit depends heavily on whether the role is internal or external:

1. Core Objectives Across All Audit Types

• Risk Assessment: Identifying financial, operational, or compliance risks.
• Verification & Testing: Examining financial records, transactions, ledgers, and supporting documents to ensure accuracy.
• Compliance Checking: Confirming adherence to local laws, tax regulations, industry standards, and company policies.
• Reporting: Documenting findings and presenting clear audit reports with recommendations to management or board members.

2. Internal Audit Scope (Focus: Inside the Organization)Internal auditors work directly for an organization to improve internal controls and daily operations.

• Operational Efficiency: Evaluating workflows, productivity, and resource utilization across departments.
• Internal Controls: Testing the strength of accounting and IT systems designed to prevent errors or waste.
• Fraud Investigation: Reviewing transactions or operational logs to detect and investigate potential fraud or policy breaches.
• Process Recommendations: Advising leadership on how to fix weak controls and follow up on corrective actions.

3. External Audit Scope (Focus: Financial Statements & Compliance)External auditors are independent third parties (often from accounting firms) who provide an objective opinion on financial reports.

• Financial Statement Verification: Inspecting balance sheets, income statements, and cash flow statements to ensure they are free from material misstatement.
• GAAP / IFRS Compliance: Ensuring financial reporting complies with recognized accounting standards.
• Year-End / Statutory Audits: Executing formal annual audits required by law or regulatory bodies.
• Attestation & Opinions: Issuing an official audit opinion regarding the true and fair view of the company’s financial health.

4. Key Factors Defining a Specific Audit EngagementWhen planning a specific audit project, the scope explicitly outlines:

• Timeframe: The specific fiscal year, quarters, or date range under review.
• Locations/Entities: Which physical offices, subsidiaries, or business units are included.
• Account/Process Boundaries: Specific areas tested (e.g., revenue recognition, payroll, inventory counts, or IT security)

Pay: RM800.00 - RM1,200.00 per month

Work Location: In person