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The most significant benefit provided by the audit committee to the internal audit activity is
A. Protecting the independence of the internal audit activity from undue management influence.
B. Reviewing annual engagement work schedules and monitoring engagement results.
C. Approving engagement work schedules, scheduling, staffing, and meeting with the internal auditors as needed.
D. Reviewing copies of the procedures manuals for selected organizational operations and meeting with organizational officials to discuss them.
i am not in the profission of internal audit
As iam in Company which Exports Denim in different countries so we do internal audit as per customer requirement the major advantage of IA is to Control process in organization and it also helps to derectly and indirectly benefit to the organization
To be honest. I am not in the profission of internal audit
The audit committee’s oversight and support are essential to the success of the internal audit activity. By ensuring independence, reviewing performance, addressing audit findings, and allocating resources, the committee strengthens the internal audit function, ensuring it adds value to the organization and contributes to effective risk management and corporate governance.
The audit committee plays a crucial role in ensuring effective governance, risk management, and control processes within an organization. Its responsibilities can directly and indirectly benefit the internal audit activity (IAA).
The audit committee plays a crucial role in the governance of an organization, and its responsibilities can directly benefit the internal audit activity in several ways:
Oversight and Support: The audit committee provides oversight to the internal audit activity, ensuring that it operates independently and effectively. This includes approving the internal audit plan, reviewing audit results, and ensuring that internal audit has sufficient resources and authority to carry out its duties.
Improving Internal Audit’s Credibility: By actively supporting the internal audit function, the audit committee helps enhance its credibility within the organization. This endorsement can foster greater collaboration between internal auditors and other departments, improving the overall audit process.
Addressing Issues Raised by Internal Audit: The audit committee serves as a key point of contact for the internal audit team when it identifies significant risks, weaknesses, or deficiencies within the organization. The committee can take necessary actions to address these issues at a higher level, ensuring that they are resolved effectively.
Ensuring Independence: The audit committee can protect the internal audit function's independence by ensuring that internal auditors report directly to them rather than management. This minimizes potential conflicts of interest and ensures that internal audits are conducted objectively.
Oversight of Internal Controls The audit committee ensures that internal controls are in place and functioning effectively. By overseeing the internal audit function, they help ensure that audits are conducted properly, and any weaknesses in internal controls are identified and addressed.
Reviewing the organization's procedures and processing then select some operations for discussion with the concerned teams.
The audit committee plays a crucial role in supporting and enhancing the effectiveness of the internal audit activity. Here are some of the important purposes it serves:
Oversight and Governance: The audit committee provides oversight of the internal audit function, ensuring it operates independently and effectively within the organization’s governance framework.
Strategic Alignment: By aligning internal audit activities with organizational goals, the committee helps ensure that audits focus on key risk areas and add value to the organization.
Resource Allocation: The committee can advocate for adequate resources and support for the internal audit function, ensuring that it has the tools and personnel needed to perform its duties effectively.
Communication Channel: The audit committee serves as a key communication link between internal auditors and the board of directors, facilitating transparency and ensuring that important findings and recommendations are addressed.
Performance Evaluation: The committee assesses the performance of the internal audit function, providing feedback and guidance to enhance its effectiveness and overall contribution to the organization.
Audit of companeis and for life there should be an inventories are the most crucial for the purpose to meet up
