A typical internal audit project has six phases – planning, inception meeting, fieldwork or data collection, exit meeting, reporting, and follow up. Working as an Internal Auditor in Nile Bank sometime in 2002, we used to spend a lot of time in planning – when you have several audit areas to review, what informs your priority list? Why audit one area and not the other? The answer was found in risk-based auditing. And so, internal audit has to work with other experts like risk management department to review their risk management processes and assess whether to rely on their risk…

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  I have been procrastinating about taking the family car for repair specifically to change the brake pads, as they had started making that annoying noise while driving on a steep slope. I know from experience that never buy car spare parts or any item for that matter in Kampala, without first understanding the price range. You may end up paying dearly for ignorance. A week ago, I visited about three Garages and asked the price for the four brake pads. They told me it costs about Ugx. 70,000 a pair for the front tires and between Ugx. 70,000 to…