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Question 3

Question 3

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Published by Vikas Bhatt

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Published by: Vikas Bhatt on Feb 03, 2012
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Question 3: Internal Audit is one of the techniques available to the top management for ensuring continuous improvement for

better performance. Comment.

control. and governance processes.Internal Audit ‡ Internal auditing is an independent objective and consulting activity designed to add value and improve an organization's operations. disciplined approach to evaluate and improve the effectiveness of risk management. . ‡ It helps an organization accomplish its objectives by bringing a systematic.

safeguarding assets. they advise management and the Board of Directors regarding how to better execute their responsibilities. . ‡ Internal auditors are not responsible for the execution of company activities. and compliance with laws and regulations.‡ The scope of internal auditing involves topics such as the efficiency of operations. the reliability of financial reporting. determining and investigating fraud.

Advantages of An Internal Audit to the Top Management: ‡ It dispenses the need to employ external consultants to act as internal auditors hence saving large sum of money. ‡ Internal Auditors are special personnel having in depth inner knowledge. ‡ The Internal Audit maintains a group of highly skilled people available to cope with nonrecurring and exceptional jobs which no many employee could deal with efficiently and effectively. .

This compared to the external auditors¶ primary role of the ability to express the true and fair view of the clients¶ financial statements audit. .‡ It ensures that the organization detailed standard policy and procedures are running smoothly.

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