Which of the following is the role of an internal auditor in an organization?
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“An independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. The internal audit activity 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.” Show
Consistent with its mission, the Internal Audit Department provides management with information, appraisals, recommendations, and counsel regarding the activities examined and other significant issues. The department executes an approved audit plan and will perform the following tasks in accordance with its overall strategy:
Independence is essential to the effectiveness of the internal audit function. In carrying out the duties and responsibilities, the Director of Internal Audit will issue reports to the Vice President and General Counsel in charge of the internal audit function, Senior Vice President, and the Vice President concerned. The Director of Internal Audit will meet with the Finance and Audit Committee of the Board of Trustees periodically to report the plans for audit activity, the results of audit activity, and to provide any other information required. The Director of Internal Audit has direct access to the President and the Board should matters of immediate significance arise which demand such attention. People often ask: is an internal audit necessary? What if we’re a smaller organization, should we be spending our already limited resources on an internal audit program? If your clients depend on you to provide efficient, compliant, and secure services, then the answer is a resounding “yes”. Internal auditing is an important function of any information security and compliance program and is a valuable tool for effectively and appropriately managing risk. Are we ensuring we are doing what we say we’re doing? Are there gaps in our policies and procedures? Are there any areas for improvement? Are we meeting our compliance goals? These important questions are addressed through internal auditing. Who is an ideal candidate for the CIA?Anyone who envisions a career in internal auditing is the perfect candidate for the CIA Certification. Being a CIA will offer auditors more opportunities for advancement as well as a higher salary. Students are excellent candidates for the CIA Exams:
What is an Internal Audit?An internal audit is a managerial tool that serves to improve processes and internal controls within a company. It consists of a department within a company that is mandated to provide an assessment of the organization’s risks, control environment, and operational effectiveness. The department reports to the board and senior management, which are within the organization’s governance structure. What do Internal Auditors Do?As an internal auditor, your role includes providing an in-depth dive into the company’s business dealings and processes and then analyzes and converts the information into meaningful and insightful data to improve operations. To do this, the auditor uses techniques such as:
Responsibilities of Internal AuditorsEnsuring the success of an organization and bridging the gap between the board of directors and the corporate management team is a key performance indicator. Below are some of their specific responsibilities and duties:
Qualities of a professional Internal AuditorYou must be objective, independent, and impartial when carrying out internal audits. Below are some of the qualities a professional internal auditor should possess.
Becoming a Certified Internal Auditor (CIA)The Institute of Internal Auditors (IIA) awards the CIA certification. Becoming a CIA requires a University degree, two years of work experience, and passing a three-part exam. (There are some exceptions to education and work experience requirements.) A CIA enjoys the following benefits and opportunities:
Internal audits play a significant role in the company’s growth by ensuring that the company is moving in the right direction. As an aspiring CIA, you must possess qualities such as integrity, assertiveness, excellent communication, teamwork, and independence. Do you think the role of Internal Auditor could be right for you? Learn more about how HOCK international can help you advance your career and succeed in achieving this prestigious credential. What is the role of the Internal Auditor in an organization?An Internal Auditor is a professional who ensures organizations and companies have accurate accounting throughout the year. They ensure that other accounting teams follow proper procedures and that all accounts are updated and accurate.
What is the role of the Internal Auditor in an organization quizlet?Internal auditor acts as a catalyst for improving an organization's effectiveness and efficiency by providing insight and recommendation based on analyses and assessment of data and business processes.
What are the roles of auditing in an Organisation?The auditor's objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes the auditor's opinion.
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