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How can internal auditors have an independent mental attitude when they are employed by the company they audit?
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.
What else can I help you with?
When was the Institute of Internal Auditors founded?
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."
What do internal auditors do?
Internal auditors are primarily involved in completing operational and compliance audits, although some perform financial audits of segments of their companies.
Why is it necessary for auditors to assess internal internal control processes?
why is it necessary for the auditor to assess the internal contol processess
What does IIA do?
The Institute of Internal Auditors (IIA) is an international professional organization representing the internal auditing profession.
Who determines internal auditors scope of work?
The scope of work for internal auditors is typically determined by the audit committee or the board of directors, often in collaboration with the internal audit management team. They assess the organization's risks, objectives, and compliance requirements to establish priorities and focus areas for the internal audit function. Additionally, the internal auditors themselves may contribute to defining their scope based on their expertise and understanding of the organization's operations. Ultimately, the goal is to ensure that the internal audit process addresses key risks and adds value to the organization.
What organization certifies internal auditors?
The Institute of Internal Auditors provides a certification program for candidates who seek to be certified internal auditors (CIA).
When was Institute of Internal Auditors created?
Institute of Internal Auditors was created in 1941.
What is the mandate of internal auditors?
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
What are Performance Appraisal objectives of Internal Auditors?
How make is performance appraisal of Internal Auditors
Is bank statements considered as bank reconciliation statement?
All of the following requirements about internal controls were enacted under the Sarbanes- Oxley Act except; independent outside auditors must attest to the level of internal control. independent outside auditors must eliminate redundant internal controls. companies must develop sound internal controls over financial reporting. companies must continually assess the functionality of internal controls.
When was the Institute of Internal Auditors founded?
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."
What do internal auditors do?
Internal auditors are primarily involved in completing operational and compliance audits, although some perform financial audits of segments of their companies.
When a firm uses internal auditors it is adhering to which one what internal control elements?
monitoring
Why is it necessary for auditors to assess internal internal control processes?
why is it necessary for the auditor to assess the internal contol processess
What is an external auditors report?
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)
What does IIA do?
The Institute of Internal Auditors (IIA) is an international professional organization representing the internal auditing profession.
What is internal control?
In 1992 COSO issued Internal Control--An Integrated Framework for companies, their managements, and their auditors.
