Essay on Internal Auditing and What It Entalis

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To answer this question we will have to first understand what is internal auditing and what does it entail and then answer why internal auditing is “eyes and ears” of management. Internal Auditing as defined in the IPPF Framework is “an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes” (Auditors, 2013) .When looking in the A vision for the future: Professional Practices Framework for Internal Auditing (IIA 1999) internal auditors were previously mere watchdog for management and…show more content…
To answer this question we will have to first understand what is internal auditing and what does it entail and then answer why internal auditing is “eyes and ears” of management. Internal Auditing as defined in the IPPF Framework is “an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes” (Auditors, 2013) .When looking in the A vision for the future: Professional Practices Framework for Internal Auditing (IIA 1999) internal auditors were previously mere watchdog for management and focused on assisting members of an organisation in effective discharge of their responsibilities and analyses, appraisals, makes recommendations, provides counsel and information concerning the activities reviewed. With growing complexity of transactions, increase in number of transactions and the greater size of organisations the old definition and function was not effective and not achieving much of what it was intended for. It can be said they were becoming less effective as their skills were becoming outdated and as problems too became complex with the complexity of the transactions which resulted in the new definition and role of an Internal Auditor. It was then that Internal Auditing developed or became more efficient in being “the

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