Internal audit

Introduction: Internal Audit, as characterized by the Institute of Internal Auditors, is a free, objective assurance and counseling action intended to include esteem and enhance an association 's operations. It helps an association to perform its targets by bringing an orderly, restrained way to deal with assess and enhance the viability of risk management, control, and administration forms. The motivation behind the Office of Internal Audit is to give quality reviewing administrations to guarantee

agents that ensure the accuracy of financial statements. Although internal and external auditors play different roles with an organization, they must follow auditing standards and procedures to detect fraud. In 1941, The Institute of Internal Auditors (IIA) was founded to provide guidance to internal auditors (Whittington & Pany, 2014). “With over 170,000” international members, “the IIA has paralleled the recognition of internal auditing as an essential control function in all types of” businesses

Industry Overview Company Overview (ONGC) 2 4 6 6 20 23 24 26 28 38 39 40 41 3. INTERNAL CONTROL & INTERNAL AUDIT  Internal Control  Internal Audit  Standards on Internal Audit 4. PROJECT PROFILE  Objectives  Research Methodology 5. LEARNINGS & OBSERVATIONS  Learnings        Audit Scope & Coverage Organisation Structure of IA Department Audit planning & process Audit approach & methodology Life cycle of an audit Performance evaluation Quality systems 42 43 44 46 47 50 52 54 58 59 61 62

Background According to Wikipedia, Internal auditing is a profession and activity involved in helping organizations achieve their stated objectives. It does this by using a systematic methodology for analyzing business processes, procedures and activities with the goal of highlighting organizational problems and recommending solutions. Professionals called internal auditors are employed by organizations to perform the internal auditing activity. Internal auditors are employed by companies to do

Assessing the Internal Audit Function Auditing standards are published by the Public Company Accounting Oversight Board (PCAOB). As such, the PCAOB published Auditing Standard Number 5 (AS 5), which recommends integrating an audit of intern controls with the audit of a firm’s financial statements (PCAOBUS, 2007). An auditor’s objectives of the internal controls audit and that of the financial statements are not identical, and the auditor must perform the audits to achieve both objectives. Internal Audit

Internal Audit Management - The Challenges The current business environment has turned the spotlight on the role that a internal audit system must play within the larger drive towards effective governance, risk, compliance and quality management. An internal auditor has to work as a Technology savvy in-house that not only reports problems, but also gives constructive suggestions to line managers about how to improve the performance of the business. As a result, the internal auditing and corporate

RELATIONSHIP BETWEEN INTERNAL AND EXTERNAL AUDIT Professor PhD Atanasiu Pop, „Babeş-Bolyai” University of Cluj-Napoca, e-mail: apop@econ.ubblcuj.ro PhD Student Cristina Boţa-Avram, „Babeş-Bolyai” University of Cluj-Napoca, e-mail: botaavram@gmail.com PhD Student Florin Boţa-Avram, „Babeş Bolyai” University of Cluj-Napoca, e-mail: botaavramflorin@yahoo.com ABSTRACT: Analyzing the evolution process of internal audit, from its beginnings and so far, we can easily notice that internal audit function was born

During the audit of the financial statements we will be assessing the internal controls in use as mandated by the Sarbanes-Oxley Act of 2002. The act was designed to enhance corporate responsibility as it relates to financial reporting issues. Section 404 covers the internal controls that have been setup by the company. Internal controls are designed to protect the assets of a business from misuse or loss. Internal controls also help the business to streamline processes so that goals can be achieved

The use of internal audit by Australian companies Abstract: The main purpose of this study is to identify the reason behind the voluntary use of internal audit by public listed companies and to determine the factors that lead listed companies to have an IA function. There are number of reasons behind the implementation of IA function and it is strongly related with risk management, indication of effective internal controls and efficient corporate governance. This study is based on the work done

management about the internal audit department’s independence and objectivity. I have provided detail on consideration of independence and objectivity, based on guidance from the International Institute of Internal Auditors (IIA). I have also charted steps should taken by TechNet to ensure the internal audit department’s independence and objectivity. The Institute of internal Auditors (IIA) defines independence as “the freedom from conditions that threaten the ability of the internal audit activity to