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internal auditing

internal auditing

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Published by zafarabbasrizvi

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Published by: zafarabbasrizvi on Mar 02, 2011
Copyright:Attribution Non-commercial

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06/21/2013

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Table of Contents 
Introduction of internal audit 
History of internal auditing 
Role in internal control 
Role in risk management 
Role in corporate governance 
Nature of internal audit activity 
Internal audit reports 
Developing the plan of engagement 
Best practices in internal auditing 
Reporting of critical findings 
 
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INTRODUCTION OF INTERNAL AUDIT
Internal auditing
is an independent, objective assuranceand consulting activity designed to add value and improve anorganization's operations. It helps an organization accomplish itsobjectives  by  bringing  a  systematic,  disciplined  approach  toevaluate and improve the effectiveness of risk management,control, and governance processes. Professionals called internalauditors are employed by organizations to perform the internalauditing activity.The scope of internal auditing within an organization isbroad   and may involve topics such as  the reliability of financialreporting, deterring and investigating fraud, safeguarding assets,and  compliance  with  laws  and  regulations.Internal  auditingfrequently  involves  measuring  compliance  with  the  entity'spolicies  and  procedures.  However,  Internal  auditors  are  notresponsible for the execution of company activities; they advisemanagement and the Board of Directors (or similar oversightbody) regarding how to better execute their responsibilities. As aresult of their broad scope of involvement, internal auditors mayhave  a  variety  of  higher  educational  and  professionalbackgrounds.Publicly-traded  corporations  typically  have  an  internalauditing department, led by chief audit executive ("CAE") whogenerally reports to the audit committee of the board of directors,with administrative reporting to the chief executive officer.The profession is unregulated, though there are a numberof international standard setting bodies, an example of which isthe institute of internal auditor ("IIA"). The IIA has establishedStandards for the Professional Practice of Internal Auditing andhas over 150,000 members representing 165 countries, includingapproximately 65,000 Certified Internal Auditors.

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