Question

TYPES OF AUDIT

1. Is there an internal audit function within your organisation? What is its role and how

do you view it?

2. Is there an external auditor for your organisation? What functions does the auditor

carry out and how do you view it?

Answer 1

Is there an internal audit function within your organisation? What is its role and how do you view it?

ANSWER: YES, my organisation has an internal audit function. My company is small; and a small business simply cannot afford employee fraud, government fine or a waste. Thus, establishment of an internal audit function provides a vital step in the growth of a small organisation. It'role ncludes reviewing, assessment, and reporting the condition of the internal controls in a company thus is beneficial in improvement and maintenance of the internal controls in the company. It targets to reduce the opportunity for the fraudster, and also the management will have no or little opportunity to conduct fraud in the company. Moreover is helpful in findings the weaknesses and giving recommendations for the improvement in the internal controls.

In my views internal audit function is important to my organisation as protect and enhance organisational value by providing risk-based and objective assurance, insight and advice.