Question

the primary objetive of internal auditing is to?

Answer 1

INTERNAL AUDIT :

Internal audit is an indipendent management function, which includes a continious and critical appraisal of the functioning of an entity with a view to suggest improvement thereto.

OBJECTIVES OF INTERNAL AUDITING :

• To facilitate the detenction and prevention of funds
• To examine the production afforded to assets and and uses to which they are put
• to make special investigation for management
• To provide a channel where by new ideas can be implimented to the attention of the mangement
• To analyse and improving the system of internal check
• to verify the accuracy and authenticity of the financial accounting and statistical recoards presented to the management
• To estalish that there is a proper authority for every acquisition, retirement and dispossal of assets
• To confirm that liabilities have been incurred have been incurred only for legitimate activities of the organisation
• To ascertine that the standard accounting practices, have been decided to be followed by the organisation
• Risk management : the internal audit function may assist the organisation by evaluating and identifying the significent expposeres of risk
• Review of the operating activity : the internal audit function may assigned to review the economy, efficiency and effectiveness of operating activity.
• Monitoring of internal control : the internal audit function may be assined specific responsibility for reviewing controls, monitoring their operation and recommending improvements
• Governence : the internal audit function may assess the governence process in its accomplishment of objectives on ethics and values
• Review compliance with laws and regulation : The internal audit function may assigned to review compliance with laws and regulation and the external requirements, and the management policies and other internal requirements.