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Duties and Responsibilities of Internal Auditor

Duties and Responsibilities of Internal Auditor

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Published by: Nadeimkhan on Oct 18, 2010
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Definition and Nature of the Work

An auditor is a type of accountant. The main job of the auditor is verification of a company's financial records. Auditors study various sources to find out whether a company's records present its true financial situation. They check the company's bookkeeping and accounting methods by analyzing its books and records. They compare the company's books with the records of the banks, brokers, creditors, and others who deal with the company. They check the books of the departments within the company as well. These objective analyses and reports often help management cut costs, save on taxes, and increase profits. There are two types of auditors²external and internal. External or independent auditors work for public accounting firms or are self-employed. Businesses, industries, and government agencies contract with auditors to verify and certify their financial statements. Well-run companies usually have their books audited once a year. An independent audit gives shareholders and creditors an outside, expert opinion of a company's financial condition. The work of internal auditors is similar to that of external auditors, but internal auditors work for and receive a salary from one company. These auditors examine and evaluate the financial system of their firm to ensure that it is being run efficiently and economically. They examine all financial records, including accounting books, payroll records, and equipment and inventory records. They submit reports to management on how well accounting policies are working and where changes should be made.

Internal auditors verify the accuracy of their organization¶s internal records and check for mismanagement, waste, or fraud. Internal auditing is an increasingly important area of accounting and auditing. Internal auditors examine and evaluate their firms¶ financial and information systems, management procedures, and internal controls to ensure that records are accurate and controls are adequate to protect against fraud and waste. They also review company operations, evaluating their efficiency, effectiveness, and compliance with corporate policies and procedures, laws, and government regulations. There are many types of highly specialized auditors, such as electronic data-processing, environmental, engineering, legal, insurance premium, bank, and health care auditors. As computer systems make information timelier, internal auditors help managers to base their decisions on actual data, rather than personal observation. Internal auditors also may recommend controls for their organization¶s computer system, to ensure the reliability of the system and the integrity of the data.

Duties and responsibilities of Internal Auditor

To work with trustees and management to ensure a system is in place which ensures that all major risks of the charity are identified and analyzed, on an annual basis To plan, organize and carry out the internal audit function including the preparation of an audit plan which fulfils the responsibility of the department, scheduling and assigning work and estimating resource needs To report to both the audit committee and management on the policies, programmed and activities of the department To coordinate coverage with the external auditors and ensure that each party is not only aware of the other's work but also well briefed on areas of concern To make recommendations on the systems and procedures being reviewed, report on the findings and recommendations and monitor management's response and implementation





the audit committee.000 new jobs in knowledge based industries. north of Jeddah near Rabigh. Separately. including the Jabal Omar project with Makkah Construction and Development Company. Swicorp has also been actively involved in the Saudi Arabia's property sector. y y y y Swicorp Retained as Financial Advisor for King Abdullah Economic City Mandate confirms Swicorp¶s expertise in large scale KSA infrastructure projects Swicorp has been appointed as financial advisor to Emaar. The 168 million square meter King Abdullah Economic City (KAEC) is the single largest private sector development in the Kingdom. In recent years. Swicorp has already been appointed as financial advisor to the Knowledge Economic City (KEC) in Madinah. . chief executive or finance director.y To review and report on the accuracy. building materials. totalling investments of USD 7 billion and which is expected to create more than 20. a publicly funded corporation acting as the master developer for King Abdullah Economic City in Saudi Arabia which brings together the combined expertise of the Saudi Arabian General Investment Authority (SAGIA) and Emaar Properties PJSC. particularly in the Holy Cities of Makkah and Madinah. and is located on the Red Sea coast. Swicorp will be advising on the development of the KAEC Port project. timeliness and relevance of the financial and other information that is provided for management To work with management to ensure a system is in place which ensure that all major risks are identified and analyzed. where the Company has advised on 5 large development projects. and also the industrial component of KAEC. on an annual basis To report on the value for money that the charity obtains in all its activities with special regard to economy. The Economic City (EEC). and plastics. which is estimated to take up to 16 million square meters and be comprised of several clusters among which are steel. the implementation of all the needed utilities for the city. provided a such reviews and tasks do not compromise the independence or objectivity of the internal audit function To provide both management and the audit committee with an opinion on the internal controls. efficiency and effectiveness To conduct any reviews or tasks requested by trustees.

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