The Institute of Internal Auditors (IIA) was founded in 1941 by a small group of dedicated practitioners in the field they identified as "internal auditing."
Internal & External auditors has difference in scope of their work and that's why different independence levels are expected from both of them as external auditors are the auditors who has to provide their independent opinion regarding the financial statements of any company, they are required to display independence from the management of company while giving opinion about fair activities. On the other hand internal auditors are the auditors who are appointed by the top management of the company to prepare and implement the risk assessment measures and to keep an independent eye on the overall operations of company that's why they are independent from operations of company and directly reportable to top management of company like shareholders auditor board etc so in this sense they are also somewhat independent from company as well.
Internal auditors are primarily involved in completing operational and compliance audits, although some perform financial audits of segments of their companies.
Main purpose of internal audit is to establish internal control system as well as procedures which ensures that all departments works as per policies and procedures established by management of business as well as to help external auditors in conducting external audit.
why is it necessary for the auditor to assess the internal contol processess
The Institute of Internal Auditors provides a certification program for candidates who seek to be certified internal auditors (CIA).
Institute of Internal Auditors was created in 1941.
Internal auditors identify control problems and develop solutions for improving and strengthening internal controls. Internal auditors are concerned with the entire range of an organization's internal controls
How make is performance appraisal of Internal Auditors
The Institute of Internal Auditors (IIA) was founded in 1941 by a small group of dedicated practitioners in the field they identified as "internal auditing."
Internal & External auditors has difference in scope of their work and that's why different independence levels are expected from both of them as external auditors are the auditors who has to provide their independent opinion regarding the financial statements of any company, they are required to display independence from the management of company while giving opinion about fair activities. On the other hand internal auditors are the auditors who are appointed by the top management of the company to prepare and implement the risk assessment measures and to keep an independent eye on the overall operations of company that's why they are independent from operations of company and directly reportable to top management of company like shareholders auditor board etc so in this sense they are also somewhat independent from company as well.
Internal auditors are primarily involved in completing operational and compliance audits, although some perform financial audits of segments of their companies.
Main purpose of internal audit is to establish internal control system as well as procedures which ensures that all departments works as per policies and procedures established by management of business as well as to help external auditors in conducting external audit.
monitoring
why is it necessary for the auditor to assess the internal contol processess
external auditors focus primarily on controls that affect financial reporting. External auditors have a responsibility to report internal control weaknesses (as well as reportable conditions about internal control)
The Institute of Internal Auditors (IIA) is an international professional organization representing the internal auditing profession.