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The main mission of the audit is to ensure the coherence annd effectiveness of the accounting control device. It is :
Internal auditors are very important for any firm , they are responsible for discovering and correcting mistakes before anyone else does , they increase the credibility of the firm .
Internal auditor identifies places where the company could work more effectively and efficiently. He must be focussed on details, be familiar with internal procedures and instructions. At the end auditor is foreseeing, he identifies the risks in the organization, bottlenecks in the processes and non-value added activities.
Internal Audit is the part of company processess which help company to identify weak areas and giving suggestion regarding improvements of company processess.
Internal Auditor make sure that people are following company Standard Operating Procedureds (SOP's) which is essential to run company operations effeciently and smoothly
Internal Auditors Liason with company external auditors as well.
As Internal Auditor continuesly involve in company whole operations that’s why any issue which affect company Prosperity dealt with on timely basis by internal Auditor and for future controls implemented on that issues.
the auditors work in any entity like safety valve they can find what will be harmful of the company
they working on it , and delivering the good recommendations regarding and follow finical policies
The work of an internal auditor differs to that of external auditors as they look at more than financial and accounting risks. They also consider factors such as reputation, growth, environmental impact, treatment of employees and ethics.
Their work helps senior management to provide evidence to stakeholders that they are managing the business effectively.
To be effective, the internal audit activity must have qualified, skilled and experienced people who can work in accordance with the Code of Ethics and the International Standards.
Internal Auditors may be highly effective for the prosperity of a business. It is basic job of an internal auditor to check whether company policies and procedures are being implemented in routine business or not. Internal Auditor also highlight the weak areas of busines and recommend steps for improvements.
Internal Auditors report to the company management.
Internal auditors are there to help you fix our errors. I find them to be helpful. They prepare us for the IRS and other external audit firms that may not show leniency and fine is for those errors. In publicly traded companies the board of directors can create havoc if fines or garnishments are put onto a firm. Moreover, most blacklisted firms are more often audited.