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During an internal audit of the branch was discovered increase the debtor's side of the trial balance of $10,000, The audit confirmed that the amount represents assets owned by the company has been paying its value. In any of the following accounts payable the same amount should be added to achieve balanced in Trial Balance .1 - long-term liabilities.2 - Retained earnings.3 - Beginning Balance Equity
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About Internal Auditing
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Performed by professionals with an in-depth understanding of the business culture, systems, and processes, the internal audit activity provides assurance that internal controls in place are adequate to mitigate the risks, governance processes are effective and efficient, and organizational goals and objectives are met.
Evaluating emerging technologies. Analyzing opportunities. Examining global issues. Assessing risks, controls, ethics, quality, economy, and efficiency. Assuring that controls in place are adequate to mitigate the risks. Communicating information and opinions with clarity and accuracy. Such diversity gives internal auditors a broad perspective on the organization. And that, in turn, makes internal auditors a valuable resource to executive management and boards of directors in accomplishing overall goals and objectives, as well as in strengthening internal controls and organizational governance.
Seems like a lot to ask from one resource? Maybe for some, but for internal auditors — it’s all in a day’s work.
