Question#1

(a) We have conducted an interview of person who is internal audit manager job in Dawn.
Internal Audit is playing a guiding role in a company , Identify and assess areas of
significant business risk Identify and reduce all business and financial risks through
effective implementation and monitoring of controls. There are three main parts of
internal audit job those they have to do in their job tasks the internal control,
governance issues and risk management all these parts are different from each other
Internal audit monitor how these three main parts are implemented effectively in the
company. Internal control is the most important part of job tasks every company have
an internal audit some are performing formally or some are performing informally. In
formally internal control company monitor all documented task or in informally
company monitor all undocumented task. Internal control is the collection of five main
components first is control environment in which they monitor management
philosophy, operating style, ethics, integrity or code of conduct are the part of culture
or not. Second one is risk assessment in which they monitor on what level company
considered risk assessment in decision making or not. Third one control procedure
control procedure is just like control authorization in which internal audit control the
level of risk in the company. Forth one is information and communication flow of
information and communication is very important in a company from right to left and
down to top which through we achieve strategic goal of company. In information and
communication component internal audit monitor how effectively timely or accurately
flow of information and communication is implemented in all procedures of company
like financially information system management information system or IT information
system. Last one is monitoring in which internal audit monitor how ongoing
information system or continues information system implements in a company and on
what level is the company use this component effectively in all job tasks. These all
components are monitor by sending checklist in different departments of company and
monitor how accurately company do all the task that is important for company
progress. Second main area of internal audit is governance issues internal audit report
the governance effectiveness in a company. In Governance issues we focus on
organization chart of company in which we oversee the transparency level of the
hierarchy of managers and also monitor how manger contributed in all tasks of
management in a company. Third main area is risk management which have different
frames of work which is apply in different companies. In risk management the most
important part is risk identification when we are doing any task risk involve in every
percentage whether it is low or high which makes many conflicts in doing work tasks so
it is important to identify risk in work task to make task implementation effective or to
achieve strategic objectives in a company then company do risk analysis in which
 company make heed chart in which they oversee impact of risk and probability of risk in
different tasks. Risk response in which company manage different types of risk like they
do avoid risk averse risk or minimize risk which is intensively effect job performance in a
company. Internal audit has internal audit charted authorities’ documents which define
audit definition, scope of audit, authorities or responsibilities of audit that define in
which department internal audit can do work tasks. Internal audit prepares an annual
plan in their job in which they define daily tasks, resources like employees how
employee we needed in next step and also define operations of job task which is
needed. Internal audit also works in finance department in financial internal audit
oversee the effectiveness of purchase like is the purchase is done on fair rate or not
also monitor quality of purchase through different substantive tests they also check is
the quality is inspected and representation of annual or monthly statements internal
audit make file of these tasks and show to the top management to inform about
working of company on the bases of purchase. They also do periodical internal audit in
which they keep record about Inventory which they are keep in warehouses, record
about production quantity of raw material use for standard things level of loss
production also do distribution audit, transportation audit and pay role called HR audit
in which they monitor wages of employees, over wages rates on time also focus on
accurate internal control in which they monitor manual system of wages in company.
Internal audit monitor Compliance in which they focus on net profit, sale tax, custom
duties level of transaction those are subject to taxation, income tax, sanitation laws and
environmental issues like noise pollution these all things are make impact on finance of
company which internal audit handle.
(b)
(c) For Internal auditor there are many skill and abilities which is important to have such
as they must be accountable in their work in which they are self-accountable for
making decisions, managing resources efficiently and achieving results effectively. They
must have Integrity in their job like Honest, encourages their selves and other co-
worker. They have an ability or skill to evaluate internal control and make
recommendations on how to improve problems of company about different tasks.
Collaboration is a key which internal audit use as a skill or ability in job through
collaboration internal audit Builds and maintain effective relationships, with their own
team, colleagues and clients which is useful for company success. Communication skills
is also very important for an internal auditor such as oral communication, report
writing, and presentation skills that is useful for effectiveness of any task. Internal audit
manager must be determined and ambitious about their job they have to set
challenging and long term goals for their self and team success.
Dawn Phone# 0423355441
Email:Dawn@gmail.com
Website:
www.Dawn.com
Address: Plaza#14Quaid e Azam
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