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Q2. Write the key objectives of a good internal audit system. Narrate
the points of dissimilarities b/w external & internal audit.
Answer. Five key objectives for in-demand internal auditors:
1. Looking forward. One part of internal audits job is to test past transactions
to discover problems and control issues. As said its important also to look
forward, anticipate risks, and help navigate the potentially choppy waters on
the horizon.
The CAE can structure audit work to have more relevance in the executive
suite to assist organizations with being profitable, providing good customer
service, and staying in compliance, Smiechewicz said.
Q3. Give the role of internal auditor in the company management. List
down the duties of auditor under section 581ZG.
Answer. Major roles and responsibilities of internal audit function are:
Evaluates and provides reasonable assurance that risk management,
control, and governance systems are functioning as intended and will
enable the organizations objectives and goals to be met
reports risk management issues and internal controls deficiencies
identified directly to the audit committee and provides recommendations
for improving the organizations operations, in terms of both efficient and
effective performance
evaluates
Winter-2015
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