Internal auditors have the responsibility of making sure that their company's financial records are in order. They evaluate the controls that govern the company's income and expense accounts to make certain they are sufficient. These accounts must meet company and government requirements. Company requirements are based on company policy; government requirements are drawn out through various laws and procedures. Internal auditors must assure that the controls are sufficient to eliminate error or fraud. They prepare the company's tax records for the government.
Dealing with overall budgets, internal auditors have also become computer savvy with a handle over the various computer software packages that aid in organizing and reporting accounts. Internal auditors generally have no responsibilities for producing strategy based on accounts or company projections.
Internal auditors in the United States become Certified Internal Auditors by passing the Institute of Internal Auditors four-part examination. The examination is based on such topics as risk and control, governance concepts, fraud elements, tools for audit engagement, financial accounting, information technology concepts, and competitive analysis and strategies.
After passing the test, the internal auditor must decide in which one of four areas he or she would like to receive a certificate. One can qualify for the Certified Internal Auditor certificate; the Certified Government Auditing Professional certificate; the Certified Financial Services Auditor certificate or receive Certification in Control Self-Assessment.
The IIA expects internal auditors to have bachelor degrees and to follow the IIA Code of Ethics. The IIA standards are promoted and recognized across the globe, and many international internal auditors obtain their certification to practice in their countries from the IIT.
Internal auditors have a medium salary of $54,000. After experience, the upper levels of internal auditors command $94,100. The number of jobs is expected to increase by 22 percent through 2014. By obtaining an MBA in accounting, internal auditors can reach a much higher salary level. The MBA degree will give the auditor necessary skills to interpret and adapt new laws to their work. Internal auditors have privileged status positions. It is important that they have a good knowledge of the law to protect their access to and knowledge of sensitive and confidential information.
Distinguish between internal audit and internal control.
Internal audit reveals to management whether internal control procedures are duly followed or not.
An internal audit is conducted by an unbiased party within the company. An interim audit (which is an audit conducted before the end of the fiscal year) can be conducted by someone outside the company.
Internal audit is conducted by people from within the company. This is also known as first party audit. External audit is conducted by an independent party. Second or third party audits are external audits.
the audit committee communicate with internal audit, external audit and CFO on behalf of the company.
Distinguish between internal audit and internal control.
internal audit evidence is all the information the auditor relies on to arrive at any conclusion.
Internal audit reveals to management whether internal control procedures are duly followed or not.
An internal audit is conducted by an unbiased party within the company. An interim audit (which is an audit conducted before the end of the fiscal year) can be conducted by someone outside the company.
Yes pre audit is the responsibility of internal audit department as external auditors are only auditing the activities after end of fiscal year when everything is complete.
Internal audit is conducted by people from within the company. This is also known as first party audit. External audit is conducted by an independent party. Second or third party audits are external audits.
Internal audit is the name of department who performs the audit while interim audit is the audit which other than statutary audit and it is perform during the fiscal year and it is performed to help the final audit procedures which is done after the completion of fiscal year.
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the audit committee communicate with internal audit, external audit and CFO on behalf of the company.
An internal audit is done by the company itself. An external audit is done by auditors not under the influence of the company being audited.
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