Chapter 1 Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It help an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management control, and government processes. Objective- what an organization wants to achieve. Strategy- how management plans to achieve to organization’s objective. 4 types of objectives -Strategic
Words: 989 - Pages: 4
RELATIONSHIP BETWEEN INTERNAL AND EXTERNAL AUDIT Professor PhD Atanasiu Pop, „Babeş-Bolyai” University of Cluj-Napoca, e-mail: apop@econ.ubblcuj.ro PhD Student Cristina Boţa-Avram, „Babeş-Bolyai” University of Cluj-Napoca, e-mail: botaavram@gmail.com PhD Student Florin Boţa-Avram, „Babeş Bolyai” University of Cluj-Napoca, e-mail: botaavramflorin@yahoo.com ABSTRACT: Analyzing the evolution process of internal audit, from its beginnings and so far, we can easily notice that internal audit function
Words: 3860 - Pages: 16
public looks to financial documents for evidence on the success of companies and a basis for investing decisions. Investors and banks rely upon these documents to provide accurate information for the decision-making process. The accountants and auditors that create and verify the accuracy of the information within these documents hold the trust of those who rely on accurate financial information. Once the trust is broken, it can take time to rebuild. Unfortunately, the publics’ trust in the accounting
Words: 1941 - Pages: 8
including private or public companies, clients in banking, insurance, manufacturing, technology, retail, health care, or government. Individuals working in the audit area may also spend most of their time providing internal audit services to clients rather than working as an external auditor. Working in any of the areas in an accounting firm may be one of the most demanding jobs, but it is also one of the most interesting, exciting experiences and a great way to prepare to work in the corporate business
Words: 2376 - Pages: 10
the Bank, following consultation with the Shareholder; and Ensuring that risk and compliance are properly managed in the Bank. Board of Directors and Membership The Board of Directors recognises its responsibility for the leadership, direction and control of the Bank and the Group and its accountability to the Shareholder for financial performance. As at 31 December 2010, the Board comprised the Chairman, four Non-executive Directors and the Group Chief Executive. The Board sees it as a priority to
Words: 4199 - Pages: 17
Board since the passage of the Sarbanes-Oxley Act in 2002. The three general standards require the auditor to remain mentally independent in all matters related to the audit, to have technical training that is adequate and proficient to perform the audit, and to exercise professional care while performing the audit, and also while preparing the report. The three fieldwork standards require the auditor to properly plan the work and to supervise assistants, to sufficiently understand the company and
Words: 929 - Pages: 4
telecommunications industry, and then discuss the details of the WorldCom accounting fraud in order to provide relevant recommendations to Berkshire Hathaway, Inc. for mitigating future losses due to investing in fraudulent companies. We expect management to become more knowledgeable regarding high fraud risk investments and therefore make better informed investment decisions. Recommendations to Berkshire Hathaway include improving current risk assessment procedures and enhancing investment policies.
Words: 3453 - Pages: 14
New South Wales Auditor-General’s Report | Performance Audit | WestConnex: Assurance to the Government Professional people with purpose Making the people of New South Wales proud of the work we do. Level 15, 1 Margaret Street Sydney NSW 2000 Australia t +61 2 9275 7100 f +61 2 9275 7200 e mail@audit.nsw.gov.au office hours 8.30 am–5.00 pm 247 audit.nsw.gov.au New South Wales Auditor-General’s Report Performance Audit WestConnex: Assurance to the Government Roads and Maritime
Words: 18130 - Pages: 73
MALAYSIAN CODE OF CORPORATE GOVERNANCE The need for a Code was inspired in part by a desire for the private sector to initiate and lead a review and to establish reforms of standards of corporate governance at a micro level. This is based on the belief that in some aspects, self-regulation is preferable and the standards developed by those involved may be more acceptable and thus more enduring. 1.3 The Code essentially aims to set out principles and best practices on structures and processes
Words: 17068 - Pages: 69
ON 0 0 THE F INANCIAL A S P E C T S OF C ORPORATE G OVERNANCE 0 1992 The Committee on the Financial Aspects of Corporate Governance and Gee and Co. Ltd. Reproduction of this publication in whole or in part is unrestricted for internal communications within a given organisation. It is otherwise subject to permission which will not be refused but will attract a reasonable reproduction charge. A leaflet is available from the Publishers setting out full details of the level of the
Words: 26162 - Pages: 105
