While quantum physics can be tough to wrap your brain around, its potential applications are very exciting. Quantum physicsâthe laws that govern the behavior of smallest components of our universe, such as fundamental particles, atoms and moleculesâis admittedly a tough subject, a complicated path of intricate mathematics and scientific theory.
The role of internal audit is to provide independent assurance that an organisation's risk management, governance and internal control processes are operating effectively.
Auditors complete the audit of a small business in an organized manner by mapping audit objectives onto management assertions. This mapping allows the auditor to design audit procedures that specifically test the quality of financial information. By understanding some common management assertions and how the auditor tests them, you can see how the auditor designs procedures to meet the objectives of the audit. When testing income statement accounts, one of the auditor's main objectives is to test occurrence.