Question

Summary about Internal Auditing

Part 1- two hundred to five hundred word count summary of the role of internal auditing and the history of its development as a specialty area of accounting.

Part 2 - two hundred to five hundred word count summary of the professions (internal auditors) framework and how it was developed and why.

Requirement: Use at least one reference from article, websites, textbook, book, and etc.

Answer 1

INTERNAL AUDIT:

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

The scope of internal audit in an organization is large. Internal auditor are not responsible for execution of companies activities, they advise management and board of directors regarding how to better execute their responsibilities.

The InistiIns of Internal Auditors (IIA) is the recognised standard setting body for the internal audit profession and awards the certified internal audit designation.

Why? How?

• Establishing and communicating the scope and objectives.
• Developing an understanding of business area
• Describing the key risks facing the business with in the scope of the audit.
• Reporting issues and challenges identified
• Developing and executing a risk based sampling and testing approach to determine wether the most important operating controls are operating as intended.

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