Objectives Of Internal Auditing
This GR8 Prospects Ltd charter sets out the setting, purpose, authority, responsibility, status and authority of Internal Auditing within the company, and it outline the scope of the internal audit work. The primary objective of internal audit activity is to provide independent, objective assurance and consulting services designed to add value and improve the organisation’s operations; it also helps the organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of control, governance process and risk management (Pickett and Picket, 2003).
This GR8 Prospects Ltd charter establishes authority and responsibility conferred by management of the internal audit activity. This GR8
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The controls that are subject to evaluate are information and communication technology environment, Operational and financial information; safeguarding of assets, and conformance to internal control, laws and regulations.
The audit committee will be responsible for the approval of the scope of internal audit work, and for recommending the action to be taken on the findings from their work. Management will be responsible for ensuring the internal audit activity is supported and there is direct access to management and freedom to report to executive management and audit committee regarding the maintenance of internal control and reviewing audit reports and implementation of
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The internal audit function will be free of any undue influences which could restrict, over-rule or otherwise affect the judgment as to the content of a report or in any way require the department to function under duress or which could affect the department or conduct of an investigation.
There will be no restrictions on the scope of the internal audit activity’s work. To reviewing the systems established by management to ensure compliance with those policies, procedures, laws and regulations which will have a significant impact on operations, and determining whether the board is in compliance; to safeguard assets and as an appropriate way to verifying the existence of those assets. This will include operations or programmes to ascertain whether results are consistent with established primary objectives and goals; or whether the programme are being carried out as
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