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Nature of Internal Audit Work (Advantages (Achieve its goal, Prevent…
Nature of Internal Audit Work
Responsibilities for internal control
Internal Audit, express opion
Management, to express an opinion on the adequacy
External Audit, to meet organisational objeties
Advantages
Achieve its goal
Prevent resources losses
Promote reliable Financial reporting
ensure compliance
Objectives
Operational objective
Reporting objective
Compliance Objectives
Governance
King Report
Promoting ethics
ensuring effective organisational performance
effective coordination between stakeholders
Coso Framework
Information and communication
control Activities
Risk Assessment
Control Environmrnt
Contol
Coso
Risk Management
Internal audit gather information to support assess
IA
Organisational terms
structure
HR
Policy
leave policy
Policy
IT Control in the Environment
Internal control changed computerized
Limitations of Internal Auditing
Ensure an organisation success
Ensure the reliability of financial reporting and compliance with legislation and regulations
Control in an information technology environment
General control
Application control
Types of internal control activities
Segregation of duties
Independent checks
Safeguarding of assets and information
Assets
Accounting Records
Keeping inventoty