--%>
Assignment Help - homework help

Introduction of the term Internal Audit

Give a brief introduction of the term Internal Audit and also write down the Role of Internal Audit?

E

Expert

Verified

The internal audit is a constant review of records and operations undertakes in the business and is normally completed by specially assigned employees. It must operate independently of all the internal check and in no case must strip any one of the responsibilities placed upon him. Internal auditing is an independent review activity in an organization for the appraisal of operations as a service to management. It is managerial control that functions by evaluating and measuring the efficiency of other controls.

To accomplish its aims the auditor has to appraisal the subsequent areas:

i) Integrity and Reliability of the information.

ii) Fulfillment with the policies, procedures, plans, laws and regulations.

iii) Protection of assets.

iv) Efficient and Economical employ of resources.

v) Achievement of established aims and objectives for operations or programs.

   Related Questions in Auditing

  • Q : Marketing audit for banking industry

    Marketing audit for banking industry will be developed based upon following features: A) It will help and support the top management in identification and management of risks. B) It will help in evaluating th

    		•
  • Q : What is an Auditing Auditing : Auditing

    Auditing: Auditing is the systematic procedure of objectively obtaining and estimating evidence regarding assertions concerning economic actions and actions to ascertain the degree of correspondence among those assertions and established criteria and

    		•
  • Q : Portfolio manager uses a T-bond futures

    1. A portfolio manager uses a T-bond futures contract to hedge a bond portfolio over the next 4 months. The portfolio is worth $75 million and will have duration of 5 years in four months. The futures price is 118 and each contract is for $200,000. There are three bon

    		•
  • Q : Functions of Internal Audit Elucidate

    Elucidate various Functions of Internal Audit?

    		•
  • Q : Importance of internal audit to the

    Write down the importance of internal audit to the organization?

    		•
  • Q : Whats come after audit What to do after

    What to do after the audit?

    		•
  • Q : Explain Marketing Audit Marketing Audit

    Marketing Audit: One of the most fundamental parts of marketing planning process is marketing audit. It is conducted both at the beginning of the process and also in between the series of points during the implementation of plan. Both internal and ext

    		•
  • Q : What are Operational Audits Operational

    Operational Audits: It is a review of how an organization's management and its operating events are functioning with respect to their efficacy and efficiency in meeting stated objectives. For illustration, a business might execute an operational audit

    		•
  • Q : Audit committee A subgroup of the board

      A subgroup of the board of directors composed of directors who are independent of an organization and not employed by organization. The committee acts on behalf of the full board and all stockholders to check on management actions and it has responsibility for the soundness of the

    		•
  • Q : Scope of internal audit How can scope

    How can scope of internal audit aid you?

    		•