Discuss In Detail The Role Of Internal Auditing, Types Of Internal Auditing And How Internal Audits Add Value To An Organisation

3955 words - 16 pages

"The area of internal auditing is ripe for a wide variety of research" (Sarens G., Beelde D.I, 2004, p. 2)Internal audit is an appraisal activity which is established as a service to the organisation. The IIA defines the New Internal Auditing definition as "an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes." (IIA, 1999) .This definition recognises that providing assurance services to management is broader than the more ...view middle of the document...

They also review the systems established to ensure the organisation compliance with those policies, plans, procedures, statutory requirements and regulations which could have a significant impact on operations. The Internal Audit function provides independent oversight of the effectiveness of, and adherence to, the institution's organisational and procedural controls. It also oversees the effectiveness of, and adherence to, the institution's compliance and risk management policies and practices. The establishment and development of internal audit plays a vital role in the improvement of internal control and management of departments, enterprises and undertakings. When exercising control over departments the top management needs internal audit to be independent in the collection, management, allocation and utilization of administrative and operating funds. Internal audit focuses on overall supervision over the truthfulness, compliance and effectiveness to examine the truthfulness, compliance and effectiveness of revenues and expenditures of the organisation and their respective departments for the purpose of ensuring that such department's undertakings will operate in a clean and efficient manner with regards to the revenues and expenditures, examination of accounts and other relevant information of enterprises and its undertakings. In addition, such examination allows internal auditors to summarize experience, discover gaps and put forward constructive recommendations for their departments and units to improve management and internal control. They review the means of safeguarding assets and verify their existence so that the employments of these resources are economic, efficient and effective.As internal audit are set up within enterprises they are characterized by timeliness and act as a Catalyst. Internal audit can conduct timely audit under the leadership of heads of their respective departments or units. As internal auditors are employees of their respective departments, they can have easy access to information concerning internal operation and management, which allows them to gain timely understanding of production and operation activities, obtain various economic information, detect problems or symptoms of problems existing in operation and management and submit information to top management on a timely basis, so that the top management can adopt relevant measures in time to correct problems that have arisen or may arise. Thus evaluating operations to ascertain whether the results are consistent with the organisation objectives and goals and whether the operations or programs are being carried out as plannedThe independent side of internal audit examine and evaluate revenues and expenditures of the relevant operating and management activities according to state laws, regulations and relevant financial and accounting institutions for the purpose of safeguarding coalition interests. On the other hand, as they conduct audit under the...

Other Essays On Discuss In Detail The Role Of Internal Auditing, Types Of Internal Auditing And How Internal Audits Add Value To An Organisation

Case analysis HR about cloud companies and its internal communication - city university of seattle - case study

1902 words - 8 pages they do not need a “new force immediately) will still have time to hire somebody else for the role. Evaluation As the new hire reaches the end of his training, it is a good time for manager to make a review with him or her. Conducting these types of reviews sets new employees up for success in their positions and reduces turnovers. (Klein, n.d.) Getting comfortable in a company usually takes about 6 months in IBM ISC in Slovakia. Therefore, in

Organisational Culture, How It Develops And How It Is Effected By External And Internal Forces

4670 words - 19 pages performed to discuss change - (See page 12)The Organisational Culture Profile (OCP)Developed by O'Reilly, Chatman, and Caldwell (1991) (5), this instrument identifies seven dimensions of organizational culture.*Innovation*Stability*respect for people*outcome orientation*detail orientation*team orientation*aggressivenessTheir studies found that there is a 'person-organisation' fit apparent in many US organisations, ie if an employee's desired cultural

Black Water Rafting, Internal And External Environment. Strategic Management

8971 words - 36 pages BWR could not carry its activities out.2.3 Corporate Social ResponsabiltyJohnson & Scholes (2002, p.220) state that the "corporate social responsibility is concerned with the ways in which an organisation exceeds the minimum obligations to stakeholders specified through regulation and corporate governance. This includes considerations as to how the conflicting demands of different stakeholders can be reconciled".It is necessary to distinguish

"The United States Resolution To Our Own Internal War On Terror"

682 words - 3 pages "The terrorists have not lost the will or the ability to attack us. The USA PATRIOT ACT is vital to the war on terror and defending our citizens against a ruthless enemy.". This is a direct quote from President Bush about the reauthorization of the PATRIOT ACT. In 2001 our country was delicate, and very vulnerable to terrorism. Violence outside and inside the United States was a major problem. The PATRIOT ACT was formed because of the

Recruitment From External Or Internal Source

1502 words - 7 pages number and kind of people, at the right place and right time. In order to have the right work and rights of people, recruitment plays an important role. Recruitment is a process to find employment and motivating them to apply for jobs in an organization. In the recruitment, a group of qualified and interested candidates is created for selection of most suitable candidates. Recruitment corresponds to the first contact that a company makes with

"Internal Hatred" - A Short Story About Racism

792 words - 4 pages Just another brilliant specter of life one could say but I fucking hated it. Growing up in Long Island as a Jew was an interesting concept and any average Jew would be proud of that but I wasn't. Sure, I practiced the Jewish Doctrine and actually became quite educated in underminding my instructor as I was only 13 and still a so called apprentice in the game, so to speak. My name is Danny Balint recently graduated High school and no longer

Personal response to Hitchhikers guide to the galaxy - year 10 english extension - NCEA level 1 internal (assignment/mini essay)

658 words - 3 pages must a man walk down? Forty-two. Excellent, excellent, that’ll fox ‘em. Frankie baby, we are made!” The quote shows how the mice had refused to accept that the exorbitant amount of time they had spent researching had been meaningless and found a question that they deemed acceptable and were ready to tell the public to receive the credit for their ‘breakthrough’ in their quest for knowledge. This idea that our quest for knowledge is consuming us is

Fraud Triangle and weak internal control - Liberty University ACCT 650 - essay, DB 1

1039 words - 5 pages brief description of Cressey’s fraud triangle offers three attributes that fraudsters usually possess when committing their illegal activities. Since internal control systems may be the main deterrent to fraud within a company, how a weak internal control system may result in fraudulent financial reporting and an illustration of a weak system will be briefly examined. A Biblical application of how Christian ethics apply will also be presented

Case analysis HR about cloud companies and its internal communication - CityU - case analysis

1902 words - 8 pages they do not need a “new force immediately) will still have time to hire somebody else for the role. Evaluation As the new hire reaches the end of his training, it is a good time for manager to make a review with him or her. Conducting these types of reviews sets new employees up for success in their positions and reduces turnovers. (Klein, n.d.) Getting comfortable in a company usually takes about 6 months in IBM ISC in Slovakia. Therefore, in

Biology IA Idea, Toothpaste Experiment - Grade 12 - Internal Assessment

559 words - 3 pages Title The Effect of Toothpastes with Different Antibacterial Ingredients on the Inhibition of Bacteria. Research Question How do different toothpastes —colgate, pepsodent, sensodyne, elmex, and aquafresh with different antibacterial ingredients affect the inhibition of bacteria? Introduction Background Information Aim The aim is to explore different antibacterial ingredients by observing the zone of inhibition of bacteria caused by different

new boy short film for englisn internal year 11 - glendowie (english) - essay

587 words - 3 pages teacher do all of the talking. His lack of dialogue shows how excluded and out of place he feels when he firsts arrives. By not speaking it portrays how Joseph feels as if he's not allowed to speak. One of his classmates, Christian Kelly, constantly digs in to Joseph about the colour of his skin or where he was from, making jokes about Live Aid and ‘Do you know it’s Christmas’, which is a charity music concert that raised money for starving countries

Similar Papers

Internal Problems Leading To Teh Collapse Of The Manchu Dynasty In China

507 words - 3 pages initiated '100 days of reform'. This proposed the inclusion of Western studies in Chinese education and the creation of a national parliament, westernization of Chinese bureaucracy. Also it called for reform of the army, However the military wanted to keep their power, and government officials were set in their wasys so once again reform failed. After the Boxer Rebellion in 1901 the internal problems esculated and the dynasty collapsed. It is easy to see how internal problems contributed to the collapse of the Manchu dynasty.By Kate McC

Internal Control Paper

1663 words - 7 pages INTERNAL CONTROL PAPERThe procedures involved in accounts payable for Jamona.com is reviewed in detail and this paper assesses the strengths and weaknesses of their internal control system. The required additional controls to overcome the weaknesses are discussed in detail. The recommended and existing controls are analyzed and each control is identified as preventive, detective, or corrective.Overview of Internal ControlInternal control is the

Internal/External Factors Essay

616 words - 3 pages Wal-Mart is an extremely successful organization that has achieved its goals of becoming one of the top retail stores in the world. In order to reach the top, managers have to plan, organize, lead, and control each component possible in order for the company to be successful. Internal and external factors can impact the four functions of management within a company. Management's responsibility is to take the four factors into consideration to

Internal Differences In Buddhism Religion Studies Essay

458 words - 2 pages The Buddha did not appoint a successor, and after his final extinction, Buddhism never again had a central authority. As time went on and the tradition expanded globally, different paths of Buddhism had been developed. In the Pali Nikayas, it is said that before his final extinction, the Buddha urged his followers to make themselves and the Dharma their only “island” and sole refuge. Obediently, after his death, the members of the Sangha