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By streamlining the process flow of each functional department in light of the company objective while strengthening the internal controls in order to prevent inefficiencies/ wastage of valuable resources.
senior management's expectations have a significant influence on internal audit and that internal audit, generally, is able to meet most of these expectations. Senior management wants internal audit to compensate for the loss of control they experience resulting from increased organisational complexity. Senior management expects internal audit to fulfil a supporting role in the monitoring and improvement of risk management and internal control, and wants them to monitor the corporate culture. Furthermore, they expect internal audit to be a training ground for future managers. On the other hand, internal audit expects senior management to take the first steps in the formalisation of the risk management system. They are looking for senior management support, as this benefits their overall acceptance
agreed with all ..........................
CEO and BOD will think of better about internal auditor if they surmise that their reporting is helping management in bettering lets say production controls in such a way so that loss of inventory due to theft, obsolescence , wastage etc has reduced significantly.
Or that every report helps evade a fraud that would have occurred, if internal auditor had not conducted test of controls on periodic basis.
The objectivity of an Internal Audit (IA) function can be observed/verified by:
1. balanced and fair reporting (e.g. ensuring inherent and residual risk assessments included in IA reports are made consistently and in accordance with the criteria adopted by the organisation to define its appetite for risk);
2. external expert assessment of IA's compliance with IIA Standards (at least every five years); and
3. fulfilment of '3rd Line of Defence' role within GRC framework.
