Internal Audit At Itpo Essay

Role and function of internal audit at ITPO 2015

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PROJECT REPORT ON STUDY OF FUNCTIONS AND ROLE OF IN

INTERNAL AUDIT IN ITPO.

INDIA TRADE PROMOTION ORGANISATION

MR. ANIKET PRASAD

1ST JUNE-15JUNE (45DAYS)

PROJECT DESCRIPTION

PROJECT TITLE

ORGANISATION

ORGANISATIONAL

GUIDE

DURATION

Role and function of internal audit at ITPO 2015

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Objectives of the study

 To study the functions performed by internal audit department at ITPO.

 To measure the overall performance of internal audit department in ITPO.

Research Methodology

The study is based on observation method. The primary data is collected by the observation and personal interactions to know the quality of work the internal audit department does in ITPO. The secondary data is collected from

4) DUE PROFESSIONAL CARE, SKILLS AND COMPETENCE

The internal audit activity should collectively possess or obtain the knowledge, skills, and other competencies to perform its responsibilities. Internal auditors should not apply the care and skill expected of a reasonable prudent and competent internal auditor.

5) DOCUMENTATION AND PLANNING

The internal auditor should document matters, which are important in providing evidence that the audit was carried out in accordance with the standards on internal audit and support his findings or the report submitted by him.

6) EVIDENCE

The internal auditor should obtain all evidences considered necessary for the expression of an informed opinion. He should document matters that the expression of an informed opinion. He should document matters that are important in providing evidence or the findings.

Modern organisations are engaged in complex business activities. The complexity arises from the following major

A typical internal audit project involves the following steps: 1. Establish and communicate the scope and objectives for the audit to appropriate management. 2. Develop an understanding of the business area under review. This includes objectives, measurements, and key transaction types. This involves review of documents and interviews. Flowcharts and narratives may be created if necessary. 3. Describe the key risks facing the business activities within the scope of the audit. 4. Identify management practices in the five components of control used to ensure each key risk is properly controlled and monitored. Internal Audit Checklistcan be a helpful tool to identify common risks and desired controls in the specific process or industry being audited. 5. Develop and execute a risk-based sampling and testing approach to determine whether the most important management controls are operating as intended. 6. Report issues and challenges identified and negotiate action plans with management to address the problems 7. Follow-up on reported findings at appropriate intervals. Internal audit departments maintain a follow-up database for this