Assist The Conduct Of Internal Audit

Accounting is the methodical and full recording of financial transactions relating to a business, and it also denotes to the procedure of briefing, examining and evaluating these transactions to cross checking agencies and tax collection agencies. Accounting is one of the key purposes for nearly any company. It may be done by an auditor and accountant at small businesses or by substantial finance subdivisions with lots of employee’s at

Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions?

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The company should also focus on the segregation of duties in the organization so as to have proper distribution of the duties. The company should also focus on managing the cash properly. The company should also focus on prenumbering the documents and the check as it will help in reducing the likelihood of the unauthorized transactions and embezzlements, all the documents should be accounted in sequence periodically.

The aim of this report is to develop an audit plan using the 2007/2008 annual reports of the WesFarmers. This report will provide an understanding of the underlying concepts of an overall audit strategy. This strategy will bring forward the direction and scope of the WesfFarmers audit plan. This report will address five major points these are as follows:

For as long as businesses have existed, so has accounting. With time, it has become more complicated and detailed, but it is still a process of keeping financial accounts in order. Through accounting, or financial reporting, a system is set up to keep track of, maintain and audit the financial proceedings. Because accounting and financial reporting of a business is so important for its accuracy and in general, a lot of ethical, technological and legal concerns are involved. In this paper, we will look identify and explore the concerns of each of these.

You are the internal audit senior responsible for conducting an assurance engagement of the XYZ Company payroll process. This process has not been audited for three years and, as such, is due in the normal audit cycle. There have been no significant changes since the previous audit, that is, there were no system changes, no reorganization of personnel, and no substantive procedural changes. However, during the last assurance engagement, the internal audit function identified several observations, some of which were considered significant. The significant observations related to:

Company’s new CAE can explain to the non-audit employees that IAD’s objective is to add values and help improve the business processes as well as company performance, which will affect each employee significantly. It is important to let all employees understand that the answers or thoughts they provide to the internal auditors will not be used against them. Moreover, establishing good relationship and providing ongoing communication with the non-audit employees can make them feel more comfortable to share their feedback and thoughts, and can reduce the “us vs. them” relationship between company’s non-audit employees and the staff of internal auditors.

As a consultant it is my responsibility to recommend the best direction for a new business to follow in order to be successful in financial documentation. It is very important for a new business/owner to understand the functions of accounting and its’ basic accounting system. Since Accounting Information Systems (AIS) is used to store, collect and process financial information. It would be wise for a new business to know the ins and outs of recording their finances so that they can keep track of their finances to see if they are gaining or losing a profit.

Internal Audit solution is design to help companies in several data and audit related programme . It give help to all kind of audit like internal audit , operational audit etc . Steps for audit programme is generally start from

The internal auditing was important for each company management because it provides reporting for management and prevent the fraud inside the company. The internal auditors are the main reason that contributes to the success of the company. I will prepare the findings of both primary and secondary research. Thus, the discussion which including a detailed analysis of strengths and limitations of the project. After that, I will write the recommendations which resolve the problem of the company.

The IT unit in the Organization was analyzed for its working. The Organizational communication strategy was observed closely, right after the new project requirements were handed over to the unit head by the Business unit. The new project required Oracle as the technology. Apparently, the IT head had no clue about the financials involved in acquiring the project from client. He did not look keen on knowing anything apart from the technology that they would be working on, and the final deadline that the client had asked for.

According to the Institute of Internal Auditors (IIA), (2011), the internal auditing is a team of consultants, a department and a division or other practitioner which independent, have objective assurance and conduct a consulting activity which is designed to add value and improve the organization operations. The internal auditor can help an organization in achieving its objectives by bringing a discipline and systematic approach in order to improve and evaluate the effectiveness of risk management, control and governance process.

An internal auditor is an independent, objective assurance and consulting activity designed to add value and improve and organization’s operations. Internal auditors search for risk that could potential cause a company to not reach their stated goals. In order for a internal auditor to do their job effectively and efficiently, the executives must be willing to work with the internal auditors through tough issues and be open for change and improvements. Internal auditors must have the full support of the audit committee of the board of directors. Internal Auditors and Management rarely have the same views but must work together for the better of the company. Internal auditors pride themselves in saving their company from losing thousands some times millions in revenue do to the risk that go undetected.

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.