Question

1. What should you have done as a business owner before the Pandemic as part of your Risk management?

2. If you want to be an expert on internal audit, what certificate must you take? Give details of it.

3. Why is internal audit important for corporations?

Answer 1

1,)What should you have done as a business owner before the Pandemic as part of your Risk management?

ans)

1Understand your current financial position

2Check your eligibility for government assistance

3. Contact your bank and insurer

4. Communicate with your stakeholders

5. Seek advice on deferring tax payments

6. See if your business can still operate

7. Understand your options in relation to employees.

8. Check your licensing requirements

9. Commercial leasing talk to your landlord or call us for help

10. Consider whether you can draw on your superannuation

11. Build your networks

12. Keep informed of changes

The impact on the global economy may increase depending on the extent of geographic spread of the virus. However, the pandemic has already negatively impacted the global economy as a whole.

2) If you want to be an expert on internal audit, what certificate must you take? Give details of it

ans)

An entry-level internal auditor position generally requires at least a bachelor's degree, preferably in a business discipline such as accounting, finance, management, public administration or computer information systems.

Here’s a list of the best accounting certifications:

1. · Certified Public Accountant (CPA)
2. · Certified Financial Analyst (CFA)
3. Certified Management Accountant (CMA)
4. · Enrolled Agent (EA)
5. · Certified Internal Auditor (CIA)
6. · Certified Information Systems Auditor (CISA)
7. · Certified Fraud Examiner (CFE)
8. · Certified Government Auditing Professional (CGAP)
9. · Certified Bank Auditor (CBA)

Skills

· the ability to use your own initiative.

· analytical thinking and attention to detail.

· the ability to work effectively on your own and as part of a team.

· strong ethical standards and high levels of integrity.

· the ability to think objectively and demonstrate sound judgement.

The expert on internal audit must have  Characteristics, they are

· Have the Required Experience. Certifications are key academic qualifications for an auditor.

· Ability to Make Independent Decisions. An auditor's decision should not be wavered or influenced by anyone.

· Auditors Have the Ability to Understand Different Business Needs.

· Dependable.

· Effective Communication Skills.

3)Why is internal audit important for corporations

ans)

· Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. The role of internal audit is to provide independent assurance that an organisations risk management, governance and internal control processes are operating effectively.

1. Provides Objective Insight.

2. Improves Efficiency of Operations

3. Evaluates Risks and Protects Assets

4. Assesses Controls

5. Internal Audits Ensure Compliance with Laws and Regulations