answersLogoWhite

0


Best Answer

Objectives of The Internal Audit Unit

Internal Audit's objectives in accomplishing its duties will include the following:

1.Determine the accuracy and propriety of financial transactions

2.Evaluate financial and operational procedures for adequacy of internal controls and provide advice and guidance on control aspects of new policies, processes systems

3.Verify the existence of assets and ensure that proper safeguards are maintained to protect them from loss

4.Determine the level of compliance with the ministry policies and procedures, and Government laws and regulations.

5.Evaluate the accuracy, effectiveness, and efficiency of the electronic information and processing systems

6.Determine the effectiveness and efficiency of Ministry in accomplishing mission and identify operational opportunities for cost savings and revenue enhancements.

7.Coordinate audit efforts with, and provide assistance to, the Audit committee and external auditors

8.Investigate fiscal misconduct

User Avatar

Wiki User

8y ago
This answer is:
User Avatar
More answers
User Avatar

AnswerBot

7mo ago

The objective of internal auditing is to provide independent and objective assurance and consulting activities designed to add value and improve an organization's operations. Internal auditors help organizations achieve their objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is objective of internal auditing?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What has the author James Roth written?

James Roth has written: 'Four approaches to enterprise risk management' -- subject(s): Auditing, Internal, Internal Auditing, Risk management, United States 'Adding value' -- subject(s): Accounting, Auditing, Internal, Internal Auditing, Value added 'Control model implementation' -- subject(s): Auditing, Internal, Case studies, Internal Auditing


What has the author Jeffrey Ridley written?

Jeffrey Ridley has written: 'Cutting Edge Internal Auditing' 'Cutting edge internal auditing' -- subject(s): Internal Auditing


What was the objective of the Institute of Internal Auditors?

The initial group's goal was to encourage competent individuals to consider the emerging field through the provision of educational activities and guidance for the practice of internal auditing


What has the author Steven J Root written?

Steven J. Root has written: 'Internal auditing manual' -- subject(s): Auditing, Internal, Handbooks, manuals, Internal Auditing


What has the author J Donald Warren written?

J. Donald Warren has written: 'Handbook of Accounting and Auditing' 'Continuous auditing' -- subject(s): Auditing, Internal, Internal Auditing


What are internal auditing standards?

Standards are principle-focused and provide a framework for performing and promoting internal auditing.


What is the internal auditing standards?

Standards are principle-focused and provide a framework for performing and promoting internal auditing.


What is the importance internal auditor for an organization?

We can understand the importance of an internal auditor by understanding internal auditing. Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.


What has the author Daniel Edmund O'Leary written?

Daniel Edmund O'Leary has written: 'Expert systems and artificial intelligence in internal auditing' -- subject(s): Artificial intelligence, Auditing, Auditing, Internal, Data processing, Expert systems (Computer science), Internal Auditing


For what educational initiative is the Institute of Internal Auditors credited?

the International Standards for the Professional Practice of Internal Auditing were approved. Awareness of the importance of university preparation for the profession motivated a pilot program in internal auditing


Where can one find internal auditing services?

One can find internal auditing services mostly online. The following are some examples; Internal Audit Services, Grant Thornton, and Alberta Treasury board and Finance.


What are Internal Audits?

Standards are principle-focused and provide a framework for performing and promoting internal auditing.