Internal audit

Introduction This report aims to investigate the role Internal Auditors (IA) plays in certain aspects of corporate governance. The report also aims to investigate what is considered as good corporate governance. “Corporate governance is the system by which companies are directed and controlled. It deals largely with the relationship between the constituent parts of a company - the directors, the board (and its sub-committees) and the shareholders” (Berr, 2008) Corporate governance is necessary

INDEX 1. Role of Internal Audit 1 2. Introduction and Purpose of this Strategy 1 3. Acknowledgements 1 4. Audit Approach 2 5. Audit Working Procedures and Practices 3 The Audit Toolbox 3 Audit Reporting 5 6. Internal Audit Assistance in UWCN Risk Management 5 7. Fee-Earning Work 5 8. Links To Institute of Internal Auditors (IIA) and Other Bodies 6 9. Staffing 6 10. Operational Plan 2001/02 7 11. Strategic Plan 2002/05 10 12. Annex A – Key Risks 21 13. Annex B - Audit Universe 29 14

1. The internal auditors report directly to the CEO and the CEO is the one who decides on the audit plan. Control Weakness: The CEO sets up all the meetings that take place between the internal auditors and the audit committee and the director of the internal audit department doesn’t have outside access to the audit committee. Although the internal audit department is in charge of giving a presentation to the audit committee, the CEO must filter everything that is reported (including all documentation)

Internal Auditors An internal auditor is an independent, objective assurance and consulting activity designed to add value and improve and organization’s operations. Internal auditors search for risk that could potential cause a company to not reach their stated goals. In order for a internal auditor to do their job effectively and efficiently, the executives must be willing to work with the internal auditors through tough issues and be open for change and improvements. Internal auditors must have

Introduction Internal Audit is an independent, objective, assurance, and consulting activity designed to add value and improve operations. It helps accomplish objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management, and control processes. Internal Audit is organized to examine and evaluate current and proposed processes and controls. The objectives of Internal Audit are to: 1. Promote effective and efficient controls through

Because of the Enron Corporation and other scandals, independence of auditors becomes a vital issue in the audit industry. It is difficult to achieve ‘independent’ for auditors as there is the fact that the client pays the audit fee. In this essay, we will focus on the independence of internal audit. Internal audit plays an important role in a company. According to the IIA (1999), “Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an

The internal audits in an organization provide numbers of services that are significantly important to company management and help organization to succeed. These services include testing internal control, assessing operational risk, detecting the misstatement, and monitoring compliance with government regulation and policy. Institute of Internal Auditors (IIA) gives the latest definition of internal audit is that: Internal audit is an independent assurance and consulting activity management, aims

people think of management and accounting positions when mentioning a business, one important role that goes unnoticed is internal audit. Internal audit is an important part of a business. Without internal audit, many businesses would be subjected to theft and fraud. One should note that theft and fraud is not the only reason to have an internal audit. Having an internal audit system can help a company protect against lawsuits from employees and customers. Placing policies and procedures around a

Credit Assignment 1. A company might decide to establish an internal audit department because an effective and independent internal audit department add values and improve effectiveness of risk management, control, and governance processes. It also helps prevent and detect the frauds. 2. Even though The Schwan Food Company is a private company, since the company’s goal was to double its size in five years, establishing an internal audit function could provide assurance and consulting services to

analyses the independence of the internal audit function through its relationship with management and the audit committee. Given the growing role of internal auditing in contemporary corporate governance and independence has gained renewed attention. INTRODUCTION The role of internal audit is to provide independent declaration that an organization’s threatadministration, governance and internal control processes are functioning effectively. Internal auditors deal with concerns