Audit

External Audit of information and communication technology systems of Supervised Financial Institutions (SFIs)

On July 10, 2019, Bank of Uganda issued Instruction Circular ‘EDS.306.2 as a follow-up to circular Ref: EDS.306.2 dated July 13, 2017, with respect to the subject matter. All SFIs are required to conduct an external audit of their ICT Systems. And that an SFI may identify and engage any firm from the list of …

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Risk Based Auditing

Audit risk is the risk that the financial statements are materially incorrect, even though the audit opinion states that the financial reports are free of any material misstatements. The two components of audit risk are the risk of material misstatement and detection risk. Risk based Auditing is an internal methodology which is primarily focused on …

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