Internal audit is part of internal control, set by the management, delegating its supervisory functions to specially assigned staff, with the objective to see that the internal controls are in operation and to assist them in fulfilling their responsibilities such as 1. safeguarding of the assets 2. reliability of financial records and 3. efficiency in operation Although the exact nature of internal audit function is determined by the management, however, generally the aims and objectives of the internal audit function are: i) Review and assessment of the internal control procedures and accounting system. ii) Examination of financial and operating information for management, including detailed testing of transactions and balances. iii) Review of efficiency, economy and effectiveness of operation. iv) Review of compliance with laws, regulations, management policy and other internal requirements.
Posted on: Fri, 16 Jan 2015 05:19:26 +0000
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