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The must assess and report on the presence, efficiency and effectiveness of internal controls including internal financial controls in the business enterprise. They must also ensure that all operational activities are undertaken for succesful achievment of departmental and overall organizational objectives.
Their recommendations should include their findings regarding effectiveness of controls. They should report on effectiveness of the managemen in protecting the company's assets and owers' investment. They should also report on liquiidity position of the company and suggest measure to improve. They should assess and report if the management is using optimum financing policy to finance and maintain required working capital. It can include amounts stuck in receivable and efficiency of the collection system.
Scope of an internal audit can never be limited so in short it can include any thing which in the view of auditors is relevant to achivement of the objectives of the company.
