Importance Of Internal Audit

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ABSTARCT/PURPOSE – This paper critically analyses the independence of the internal audit function through its relationship with management and the audit committee. Given the growing role of internal auditing in contemporary corporate governance and independence has gained renewed attention. INTRODUCTION The role of internal audit is to provide independent assurance that an organization’s risk management, governance and internal control processes are operating effectively. Internal auditors deal with issues that are fundamentally important to the survival and prosperity of any organization. Unlike external auditors, they look beyond financial risks and statements to consider wider issues such as the organization’s reputation, growth, its impact on the environment and the way it treats its employees. In summary, internal auditors help organizations to succeed. The Professional accountants refers to those who are salaried employees, partners, directors, owner or the management and volunteer workers regardless of whether they have a legal form of relationship with the employing organization. Professional accountants in business may be solely or jointly responsible for the preparation and reporting of financial and other information. LITERATURE RIVIEW The Institute of Internal Auditors (IIA) has promoted the internal audit function as an independent function that provides value-added assurance and consulting services. Through this

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