250 word count summary of the issue of governance within an organization and its importance to the effectiveness of the efforts of internal auditors.
QUESTION ; 1
ANSWER; The issue of governance within an organization,
Governance is the term used to describe the balance among participants in the corporate structure who have an interest in the way in which the corporation is run, such as executive staff, shareholders and members of the community. Governance directly impacts the profits and reputation of the company, and having poor policies can expose the company to lawsuits, fines, reputational damage, and loss of capital investment.
1) Conflicts of interest
Avoiding conflicts of interest is vital. A conflict of interest within the framework of governance occurs when an officer or other controlling member of a corporation has other financial interests that directly conflict with the objectives of the corporation. For example, a board member of a solar company who owns a significant amount of stock in an oil company has a conflict of interest because, while the board he or she serves on represents the development of clean energy, they have a personal financial stake in the success of the oil industry.
2) Oversight issues
Effective corporate governance requires the board of directors to have substantial oversight of the company’s procedures and practices. Oversight is a broad term that encompasses the executive staff reporting to the board and the board’s awareness of the daily operations of the company and the way in which its objectives are being achieved.
3) Accountability issues
Accountability is necessary for effective corporate governance. From the top-level executives to lower-tier employees, each level and division of the corporation should report and be accountable to another as a system of checks and balances. Above all else, the actions of each level of the corporation is accountable to the shareholders and the public.
4) Transparency
To be transparent, a corporation must accurately report their profits and losses and make those figures available to those who invest in their company. Overinflating profits or minimizing losses can seriously damage the company’s relationship with stockholders in that they are enticed to invest under false pretenses.
Importance to issue of governance with in organization;
Corporate governance is the way a corporation polices itself. In short, it is a method of governing the company like a sovereign state, instating its own customs, policies and laws to its employees from the highest to the lowest levels. Corporate governance is intended to increase the accountability of your company and to avoid massive disasters before they occur. Failed energy giant Enron, and its bankrupt employees and shareholders, is a prime argument for the importance of solid corporate governance. Well-executed corporate governance should be similar to a police department's internal affairs unit, weeding out and eliminating problems with extreme prejudice. A company can also hold meetings with internal members, such as shareholders and debtholders - as well as suppliers, customers and community leaders, to address the request and needs of the affected parties.
Effective Governance through Internal Auditing;
An Internal Audit function addresses both concerns. Internal Audit supports the BoD and its committees by independently assessing the effectiveness of an organization’s system of internal controls as well as compliance with statutory, legal and regulatory requirements. Given the importance the BoD attaches to this role, organizations are making every effort to adopt Internal Audit across the enterprise for better management of risk and effective compliance with regulation.
As Internal Audit adopts new roles - provide assurance and
establish trust through assessment of design, implementation, and
application of internal controls across all disciplines -
organizations are looking for ways to make the Internal Audit
function an integral part of governance and an instrument to
improve business performance.
Developing A
Strategy
The first step is developing a specific audit strategy that is
capable of addressing key organizational and emerging risks. A good
strategy will take into consideration the changing nature of the
business and the evolving challenges of the global marketplace and
also ensure its alignment with corporate goals and objectives.
Executing the
Plan
A consultative approach with participation from all levels
throughout the business can be instrumental to executing the audit
plan. The success essentially depends upon targeting audits at the
right level in the organization with adequate support. Some
organizations are developing innovative assessment methodologies
with a focus to enhance and strengthen control at minimal
incremental cost.
Measure of
Improvement
The execution ends with a set of recommendations that address
issues in terms of causes, conditions, and impact/ action plan.
Emphasis should be on changing the perspective of management from
placing blame to supporting actions. Certain organizations have
gone ahead and renamed recommendation to “measure of
improvement”.
250 word count summary of the issue of governance within an organization and its importance to...
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