We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Recommendation Brief for an Internal Auditor - Essay Example

The author adds that an internal auditor has a crucial role to play in each and every phase of business activity. To illustrate, an internal auditor needs to go beyond financial records to obtain a deep understanding of the business operations under consideration. It is the duty of an internal auditor to review and appraise the soundness and feasibility of existing financial and other operating controls. In addition, he works to promote effective internal control at a fairly low cost. Internal auditor plays a pivotal role in evaluating whether or not the current business practices exhibit compliance established policies, processes, and procedures. In the words of Ridely, another important duty of an internal auditor is to identify the “extent to which company assets are accounted for and safeguarded from losses of all kinds” (Ridely, 2008, p.9). It is the function of an internal auditor to ensure the reliability of data management practices carried out in the organization. In addition, he has to monitor the performance quality of top executives and other personnel in performing their assigned responsibilities. Finally, an internal auditor has the responsibility to provide timely recommendations regarding operating improvements. Benefits of Hiring an Internal Auditor A company can obtain long term benefits from hiring an internal auditor. Since an internal auditor intervenes each and every phase of business activity, the internal audit assists a company to exercise better control over its

Check these samples - they also fit your topic

Internal auditor in a company
Week I Individual Assignment It is imperative for companies to have clean accounting records due to the fact that stakeholders expect financial statements that are free of fraud and material error. At first glance it is apparent that your organization has an accounting system that is out of control.
2 pages (500 words)Essay
Specifically, the responsibilities of an auditor involve the full participation of the professional to identify the indication of inefficiency and ineptness in the financial statement of an organisation and confront receptive issues related to the inefficiency.
8 pages (2000 words)Essay
Envalue the Auditor Independence Provisions
The FEE Paper Comparison International Ethics Standards Board for Accountants (IESBA) Code of Ethics that says “An individual’s objectivity must be beyond question when conducting and reporting on a statutory Audit.” This is applicable when auditors themselves act as statutory auditor, or when they are auditing on behalf of an auditing firm.
5 pages (1250 words)Essay
Corporate Governance and Internal Audits Role
rules are followed in the conduct of transactions-in particular financial transactions.A dispassionately conducted internal audit directly contributes to meeting the objectives of corporate governance as well as the tranasparency attained is as well the transparency conveyed.The Enron and WorldCom scandals have illustrated on the one hand the wide extent to which audit functions had been extended to misrepresent facts and figures and on the other the inadequacies of the extant compulsions normally imposed by a robust corporate governance regime.UK Corporate governance prescriptions have evolved substantially in recent years.They have imposed additional responsibilities on the audit function,
11 pages (2750 words)Essay
Role of Auditor in Public Sector
The aim of the work is to underline, what role auditor plays in public sector entities, and which functions he must fulfill. To start with, public sector is a sector of economy, which deals with delivering goods and services for the government bodies and through them as well.
8 pages (2000 words)Essay
Auditor Independence
It can be clearly seen that if audit is to be carried out in free and objective manner the auditors must be independent in fact (actual independence) and if their opinions are to be accepted auditors must also appear to be independent. Corporate world has time and again been rocked by scandals and sudden failures, of these, Enron & World Tel are considered water shed cases due to the sheer size of their failure.
4 pages (1000 words)Essay
The Internal Auditor, Management, and the Forensic Accountant
The attributes that are essential to be measured by every organization are customer satisfaction index, SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats), known & emerging market potentials, performance of business processes, legal & statutory compliance, enhancement in strengths of competition, risks, internal/external fraud and traces of social engineering.
7 pages (1750 words)Essay
The Ethics Committee of the International Federation of Accountants has also highlighted the notion of independence as an ethical subject in its principles
40 pages (10000 words)Essay
Recommendation of Internal Control for Purchases, Payables and Payments
It also intends to recommend an improvement in the purchase, payable and payment system being adopted by our company. Besides, it also aims to gain sufficient understanding of the
11 pages (2750 words)Essay
People are spending a lot of money in buying expensive cars because of ease of loan accessibility. A risk emerges where they may
2 pages (500 words)Essay
systems and processes. Operation of a proper audit department under the leadership of a team of well trained and experienced auditors may benefit a corporation to reduce wastages and unnecessary spending. Operating cost reduction in turn would aid the organization to provide improved services to its customers. This situation does not favor the corporate interests of the shareholders. In addition, internal auditors work closely with various organizational departments and they have access to confidential information of even top level management. Since they have deep inner knowledge about the management activities, they can provide potential advice to top executives at various crucial situations. An internal auditor can minimize the elements of errors and frauds to a great extent as his presence puts a moral check on employees. According to the Supervisory Committee Guide for Federal Credit Unions, service of an internal auditor is essential in areas like frequent evaluation of internal control systems and operational audits (p. 6.1). An internal auditor can greatly assist the annual auditing process as he is concerned about the different levels of managerial activities. An efficient internal auditor can help the management to mold future executives as well. Above all, an internal auditor can play a great role in reducing the business complexity. Expected Qualifications of an Internal Auditor In order to be a good contributor to the organizational objectives, an internal auditor has to possess some minimum qualifications. Earlier, hiring managers insisted that the candidates had to possess a CPA degree to become a qualified internal auditor. However, nowadays an individual will not be appointed as an internal audit
Cite this document
  • APA
  • MLA
(“Recommendation Brief for an Internal Auditor Essay”, n.d.)
Retrieved from https://studentshare.net/finance-accounting/57589-recommendation-brief-for-an-internal-auditor
(Recommendation Brief for an Internal Auditor Essay)
“Recommendation Brief for an Internal Auditor Essay”, n.d. https://studentshare.net/finance-accounting/57589-recommendation-brief-for-an-internal-auditor.
  • Cited: 0 times


Internal Auditor Internal Auditor Introduction Internal auditing includes all self and independent auditing activities carried out by an organization in order to add value to its overall operations. This approach greatly assists a firm to accomplish its objectives by effectively evaluating and improving risk management, control, and governance processes…
Recommendation Brief for an Internal Auditor
Read TextPreview
Comments (0)
Click to create a comment
Let us find you another Essay on topic Recommendation Brief for an Internal Auditor for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us