[PDF] Evaluating The Effectiveness Of Internal Audit Departments eBook

Author : Elie Chamoun
Publisher : International Monetary Fund
Page : 22 pages
File Size : 16,82 MB
Release : 2018-05-31
Category : Business & Economics
ISBN : 1484357965

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Experience under the safeguards policy has shown that central banks continued to strengthen their safeguards frameworks, but that vulnerabilities prevailed in the areas of internal audit and oversight by the audit committee (AC). This paper takes steps to help unravel why this was the case, based on analysis of safeguards findings in these areas during the period April 2010 to December 2017 (covering 111 assessments at 64 central banks). Based on this analysis, it presents the key attributes that determine the effectiveness of internal audit and the AC. It also argues that, an effective internal audit function, coupled with strong oversight by a high-performing AC are key enablers of good governance.

Author : United States Government Accountability Office
Publisher : Lulu.com
Page : 88 pages
File Size : 43,50 MB
Release : 2019-03-24
Category : Reference
ISBN : 0359541828

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Policymakers and program managers are continually seeking ways to improve accountability in achieving an entity's mission. A key factor in improving accountability in achieving an entity's mission is to implement an effective internal control system. An effective internal control system helps an entity adapt to shifting environments, evolving demands, changing risks, and new priorities. As programs change and entities strive to improve operational processes and implement new technology, management continually evaluates its internal control system so that it is effective and updated when necessary. Section 3512 (c) and (d) of Title 31 of the United States Code (commonly known as the Federal Managers? Financial Integrity Act (FMFIA)) requires the Comptroller General to issue standards for internal control in the federal government.

Author : Michael J. Ramos
Publisher : John Wiley & Sons
Page : 306 pages
File Size : 39,43 MB
Release : 2004-03-29
Category : Business & Economics
ISBN : 0471656879

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Designed specifically for Sarbanes-Oxley Section 404 compliance, How to Comply with Sarbanes-Oxley Section 404 features: A step-by-step approach to engagement performance Original material from a leading expert in auditing and accounting Practice aids, including forms, checklists, illustrations, diagrams, and tables In-depth explanations to help professionals understand how best to approach the internal control engagement Examples and action plans providing blueprints for implementing requirements of the Act Order your copy today!

Author : Plamena Nedyalkova
Publisher : Springer Nature
Page : 266 pages
File Size : 28,41 MB
Release : 2019-10-17
Category : Law
ISBN : 3030293297

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This book examines key methodological and organizational questions with regard to assessing the quality of internal audits. By studying the status quo of these audits in the public sector, including municipalities, it identifies relevant weaknesses, loopholes and issues. In addition, the book assesses the strengths and weaknesses of the approved control system to explain the reasons why, and conditions under which, internal audits are ineffective, and proposes new metric and non-metric indicators to improve the quality of internal auditing. Given its scope, the book offers a valuable guide for anyone responsible for financial controls and internal audits, and will appeal to students and financial practitioners alike.

Author : Dr. Abu Kai Kamara
Publisher :
Page : 0 pages
File Size : 10,58 MB
Release : 2023
Category :
ISBN :

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Effective IA involves evaluating the organization's internal control system and risk management practices to improve its effectiveness. Internal auditors evaluating the organization's internal control system and risk management practices improve the organization's internal control system and risk management practices and are essential for effective IA. By providing independent assessments and recommendations in these areas, IA contributes to enhancing the organization's overall governance and ensuring the achievement of its objectives while minimizing risks. In addition, activities related to evaluating compliance with laws and regulations and supporting fraud prevention are critical components of effective IA. By ensuring compliance and supporting fraud prevention, IA helps the organization maintain its integrity, ethical standards, and legal obligations while minimizing the risk of financial loss and reputational damage. Furthermore, the activities related to improving the organization's operations and performance are also essential for effective IA. By identifying operational inefficiencies and providing recommendations for improvement, IA helps the organization achieve greater operational effectiveness. Additionally, by evaluating performance management systems and providing insights for improvement, IA contributes to enhancing the organization's overall performance and strategic outcomes. Moreover, by providing recommendations, IA helps management and key stakeholders make informed decisions to enhance the organization's performance, reduce risks, and ensure compliance with relevant requirements. Although this research contributes to the existent literature on the effectiveness of the internal audit on the performance of the public sector, however, the research findings are not generalizable but limited to NRA although good practices can be adopted from this research. The research finding reveals that NRA maintained an effective Internal Audit Department that has competent staff members and is resourced by Management in the midst of limited resources that contribute significantly to improving an organization's risk management, internal control, and governance processes. It provides independent and objective assurance, adds value, and supports the audit committee, senior management, and external auditors in fulfilling their respective roles. However, the IA is faced with challenges that serve as a limitation to audits: With the modernization of revenue collection using automated software programs like Automated System for Customs Data (ASYCUDA) World, Electronic Cash Register, and Integrated Tax Administrative System, the audit department should be equipped with automated audit tools or technology to enable the Internal Audit and Controls to deliver on its assurance mandate and proffer appropriate recommendations that will add value and strengthen public confidence. The asymmetry of information and timely provision of information sometimes challenges the delivery of internal audits and also the challenge faced by the internal audit department has been the failure of most departments to respond to audit reports after long waiting times.

Author : Australian Institute of Company Directors
Publisher : AICD
Page : 56 pages
File Size : 40,38 MB
Release : 2008
Category : Business & Economics
ISBN : 9781876604042

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"Role and responsibilities of Audit Subcommittees of Boards. Provides a practical introduction to the role of and responsibilities of the audit committee. Explains the context in which an audit committee typically operates and outlines good practice. Reflects developments in audit committee practice, legislation and gudance from regulatory bodiesand leading global board practices since 2001."--Provided by publisher.

Author : Richard Cascarino
Publisher : Juta and Company Ltd
Page : 454 pages
File Size : 37,9 MB
Release : 2007-04
Category : Business & Economics
ISBN : 9780702172694

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Book & CD. This book is designed primarily for undergraduate and postgraduate students intending to pursue a career in internal auditing, as well as those chartered accountants with a specialist interest in governance and control issues. This book covers the basic concepts, philosophy and principles underlying the practice of internal auditing -- the relationships between the internal auditor, management and the external auditor. In addition, the student will gain a knowledge and understanding of the nature of an organisation. Risk management and the role of internal auditing in managing organisational risks in the context of current developments in corporate governance in both the public and private sectors are dealt with. The book is now prescribed for those studying for the Certified Internal Auditor professional qualification since it addresses the syllabus requirements of the Institute of Internal Auditors (IIA) and the Standards for the Professional Practice of Internal Auditing and Competency Framework for Internal Auditors. This book represents a practical integrated approach to the Institute of Internal Auditors' recommended internal audit approach, and may be implemented within an internal audit department in a cost-effective manner. Accordingly, the text may be useful as a reference manual for internal audits in practice.

Author : OECD
Publisher : OECD Publishing
Page : 447 pages
File Size : 18,71 MB
Release : 2019-10-17
Category :
ISBN : 9264805907

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This volume, developed by the Observatory together with OECD, provides an overall conceptual framework for understanding and applying strategies aimed at improving quality of care. Crucially, it summarizes available evidence on different quality strategies and provides recommendations for their implementation. This book is intended to help policy-makers to understand concepts of quality and to support them to evaluate single strategies and combinations of strategies.