The Impact of Internal Auditing on the Telecommunication Industry

The purpose of this paper is to discuss the SEC’s influence on auditing a private company and the essential activities involved in the initial planning of an audit. Next the discussion will delve into four stages of the audit and tasks performed by the auditors as well as internal control findings and various aspects of the audit.

The project will reflect your views and interpretation of the topic. This project is designed to help you

In this assignment students are required to clearly state and introduce their research topic, indicates clearly the two variables of interest, and present the theoretical framework with key variables. The task is also requesting that learners explained the following components linked to their selected subject: the background of the problem, the need for study, and provide the educational and practical significances of the proposed research.

Due to increasing economic and financial growth, many types of audit have been incorporated throughout the development process of internal activities. Audits can be performed manually or they can incorporate technology. According to Hunton and

There are numerous issues which can limit the independence of the internal audit department, however, in Flyjet Co. the issues arising are the appointment of chief internal auditor, the length of service of the internal staff in the audit department, the scope of work, duties involve in an audit and the reporting systems which are present.

When auditing a public company, the auditor must form an opinion on the effectiveness of internal control

 Audit Process 2-3 Chapter 02 - Financial Reporting and Analysis   Generally Accepted Auditing Standards Auditing Procedures Audit Report Types of Audit Qualifications ―Except for‖ Qualification Adverse Opinion Disclaimer of Opinion Analysis Implications from Auditing Analysis Implications of the Audit Process Audit Risk and Its Implications Analysis Implications of Auditing Standards Analysis Implications of Auditor Opinions Analysis Implications of Explanatory Language for Uncertainties Analysis Implications of the SEC Appendix 2B: Earnings Quality  Determinants of Earnings Quality Accounting Principles  Income Statement Analysis of Earnings Quality Analysis of Maintenance and Repairs Analysis of Advertising Analysis of Research and Development

The case of financial vice president managing a team of internal auditors affects the independence of auditors and reliability of the internal audits. This implies a weak internal control as the VP is in a position to influence the findings of internal auditors. This case relation to internal control oversight by the board of directors.

The researcher used the majority of the parameters provided by the course syllabus, specifically the “Course Projects” portion of this document (Embry-Riddle, 2013). The researcher

If the auditors conclude that the internal control over financial reporting is not maintained effectively by management, auditors should express an unqualified opinion on management’s assessment of internal control over financial reporting. On the other hand, an adverse opinion should be issued on the effectiveness of the company’s internal control over financial reporting.

This essay has asked me to look at the importance of external auditors and why it is vital for them to remain independent. I will try and look at the many ways of the advantages of independent auditing from different perspectives for example the company itself, the general public and the state. I think it is important to first define what an audit and an external auditor to be able to answer this question effectively. Firstly an audit is (1)“an accounting procedure under which the financial records of a company or individual are closely inspected to make sure that they are accurate.” An

T auditors frequently find themselves educating the business community on how their work adds value to an organization. Internal audit departments commonly have an IT audit component which is deployed with a clear perspective on its role in an organization. However, in our experience as IT auditors, the wider business community needs to understand the IT audit function in order to realize the maximum benefit. In this context, we are publishing this brief overview of the specific benefits and added value provided by an IT audit.

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.

The aim of this essay is to study the function of external auditors in order to analyze why it is important to be independent. The primary mission of external auditors is to review and evaluate all the financial records of a company or corporation. They provide an objective opinion on the organization’s financial statement and effectiveness of the accounting polices in order to help management to make decisions. If the independence of the external auditors is impaired, the public will doubt the quality of professional auditing services, and the consequence would be very serious, just like the bankruptcy of Enron led to the disorganization of Arthur Andersen, once a giant accounting company in the world. In order to maintain and increase

The role of internal audit is to provide independent declaration that an organization’s threatadministration, governance and internal control processes are functioning effectively. Internal auditors deal with concerns that are essentially important to the existence and success of any organization. Unlike external auditors, they aspect beyond financial possibilities and statements to reflect wider problems such as the organization’s reputation, development, its power on the location and the approach it treats its organizations.In summary, internal accountantssupport organizations to thrive.