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Protection of the Effectiveness of Internal Audit Function
Finance & Accounting
Pages 5 (1255 words)
Protection of the Effectiveness of Internal Audit Function [Name] [Institution] Protection of the Effectiveness of Internal Audit Function The internal audit function is for the internal auditors to independently evaluate if policies and procedures set by management are being followed to the letter.
Hence, it is worth considering how the effectiveness of the internal audit function could be better protected so as to protect shareholders as well as enable the external auditors to offer a higher quality audit opinion. When internal auditors are efficient in service delivery means that the opinion they will give in the running of the organisation will be the correct position of the company (Get through Guides 2007). The internal auditors will be able to give recommendation to improve the running of the organisation. These recommendations will automatically translate to the company being run in a way that will be beneficial to the shareholders. For the shareholders, this will mean that they will have the true position of the organisation and will be able to make informed decisions on how best to improve the business and they will know if their investment in the company is going to give worthwhile returns. The external auditors on the other hand will meet an organisation that has its affairs in order and the kind of audit opinion they will give will be quality audit opinion. The reason is that the lapses will be recognised and recommendations made to correct them. ...
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