Your organisation, which has a number of different cost centres, is conducting an internal audit. You have been asked to act as a project manager to assist with data collection, provide data, ensure that any other assistance is provided and collaborate with regard to writing the audit report.

During the year the organisation transacted a number of mergers and acquisitions. You have been asked to pay special attention to the acquisitions and to check the due diligence processes. You also need to determine whether any changes or adjustments need to be made to the current budgets.

Explain what all this means and how you would manage the audit process.

In answering those questions, you will need to also address these questions:

1. What is an internal financial audit? 150 words
2. How does this help to mitigate the risk of mismanagement of funds?150 words
3. What data do you think will contribute to the audit and what financial reports might contribute to an audit?150 words
4. What structure and formats might financial report take?150 words
5. Are there particular statutory requirements that should be followed?150 words
6. What does due diligence mean in terms of finances and financial reporting?150 words
7. Under what circumstances might budgets need to be revised?150 words
8. To whom might you circulate reports and why would you circulate them to these people?150 words
9. What reports might be prepared for the ATO?150 words