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A. Adding Value to the organisation
B. Providing additional assurance regarding fair presentation of financial statements.
C. Expressing an opinion on the adequate design and functioning of the system of internal
D. Assuring the absence of any fraud that would materially affect the the financial statements.
Option (A) is the right answer.
A. Adding Value to the organization
Is the best option to choose
A. Adding Value to the organisation.
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.
option A.........................thank you for inviting me.
Answer (A) is correct.
REQUIRED: The best description of Internal audit activity
DISCUSSION:Internal auditing is an independent,objective assurance and consulting activity designed to add value and improve an organization's operation(Definition of Internal Auditing).
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by Haris
D. Assuring the absence of any fraud that would materially affect the the financial statements.
A - ADDING VALUE TO ORGANISATION
Option NO A because internal audit improve the organization point of view
Answer (A) is the correct answer ================
Provide assurance about the adherence to the rules and regulations set by the organisation and Supervising authorities
A. Adding Value to the organisation
The work of the internal audit department range:Adopt internal audit when implementing its disciplined and systematic approach to evaluate and improve the effectiveness of internal control, risk management, and system management of the company so as to achieve the objectives of the company and to protect its assets and add value.The scope of internal audit work in general to examine the adequacy and effectiveness of the internal control system and the quality of performance at the individual and organizational units in the company of their own responsibilities, in order to verify whether the systems provide confirmation that the company is achieving the goals of an effective and economical. Confirmation is achieved when doing a cost-effective and appropriate measures to curb the excesses and errors discovered and as it unfolds, and the staff to discover and correct behavior during the performance of their duties within a reasonable period of time.The scope of internal audit, in particular the work to do the following:• periodic inspection departments, including risk management control systems in the company, through appropriate intervals to determine whether the functions of administrative, accounting and regulatory functions are accomplished effectively, in accordance with the policies and procedures and regulations adopted by the company in line with the company's objectives and best management practices, including the following:
o the means and methods used to preserve and protect the company's assets, including information assets from the risk of theft, damage, destruction, misuse and neglect, incompetence and unsound business practices and disclosure is appropriate or corruption.o The reliability of the security and integrity of financial and operational information prepared within the company, and the means used to identify, measure, classify and report such information
o existing systems to ensure compliance with policies, plans and procedures that have an impact on the companyo the extent of effectiveness and efficiency in the recruitment of resources and at a reasonable cost.• inform officials in the administration, which examined the results of the examination conducted by the internal audit and reached the views and recommendations of the purpose of verifying take measures to address the weaknesses found the actions of staff.• evaluating the plans and actions taken by relevant to address the observations and recommendations contained in the audit report departments in the case of inadequate measures taken are discussing this matter with officials of the staff to make sureThe adequacy of the actions taken.
• To assist in the planning, design and development of information systems in order to make sure there is adequate control systems, and that all procedures are checking systems at an appropriate time.• providing advisory services at the request of the Board of Directors, or the audit committee, or executive management to help to improve the effectiveness and efficiency of the company's operations.• carry out investigation of cases of fraud, corruption, or any special checks at the request of the Board of Directors or the Audit Committee or management of the company, or if the availability of internal audit have sufficient evidence to show the possibility of the existence of such cases.• Develop a plan for the review sections to be tested, to be prepared based on an assessment of the risks in the company as a whole
