INTERNAL AUDIT CONTROLS AND ECOLOGY Dongyeon Koo American University of Kuwait Abstract Internal audit is a crucial assurance activity to evaluate and improve the effectiveness and efficiency of a firm’s operations and management system. Since corporate activities have impact on the society overall, fulfilling social responsibilities including responsibilities for the ecology. Environmental management is believed to have considerable impact on the effectiveness and efficiency of the corporate
Abstract Auditing plays a very vital role in the business life of a company as it provides transparency, competence and accountability. The auditors are to provide independent assurance to the shareholders that the prepared financial statement is correct. That why the auditors conduct an audit on the financial statement of a firm with integrity and independence so that it is free from error and fraud. The research is going to show in regards to Critical analysis of the independence of the internal audit
Acknowledgement First of all, we would like to express our grateful to Allah SWT for His blessing and ease our journey in completing this Comparison Analysis on Internal Audit Department of Malaysia Airlines Report. Alhamdulillah, we are able to complete this project report within the time frame set. Special thanks to our lecturer, Encik Mohd Zulfikri B Abd Rashid, for the patient guidance, encouragement and advice she provided throughout our time as her student. We have been lucky to have a
role of internal audit to reduce the practices of earnings management and ensure the quality of earnings number that prepared in accordance with the accrual basis. Some recent studies indicated that there is reason to believe that a good level of performance internal audit can lead
Fannie Mae has stated and explained about their risk management structure in the company by saying: • Fannie Mae’s risk management framework and governance structure are intended to provide comprehensive controls and ongoing management of the major risks inherent in their business activities. • Fannie Mae’s ability to identify, to assess, mitigate and control, and report and monitor risk is crucial to their safety and soundness. Fannie Mae used a Three Lines of Defence model to undertake risk. The
The principal objective of auditing is to prove that the results presented in the financial statements are precise, fair and stand in accordance with the accounting standards, and to convey an opinion in the audit reports. Additionally, auditing aims at inspecting arithmetical accuracy of books of accounts, confirming the authenticity and validity of transactions, checking the proper distinction of capital and revenue nature of transactions, confirming the existence and value of assets and liabilities
(HKEX) also has launched on 2005, required all listed company at least to review a internal control system for a annual , corporate governance has became important element for the development countries . Corporate governance is a system of rules. Corporate governance structure is essentially involves balancing the interest of corporate stakeholders,
CHAPTER 1 1.0. INTRODUCTION 1.1. PREFACE Internal audit plays a critical role in the Corporate Governance structure and process in an organization and posits as a key component of the independent risk management oversight function. MFI policy on the internal audit function is, therefore, designed to ensure that internal audit provides the Board with the independent assurance that the risk management, control and governance policies and processes are being complied with. The Board of Directors of
sufficient objective information to facilitate a broad range of economic decisions concerning the allocation of scarce economic resources. This economic rationale provides the foundation for the discipline, auditing will exist so long as the cost of the audit is less than the benefits derived from the activity, the benefit being the enhanced usefulness of information which is objective, free from bias and reliable. Audited information is more useful than unaudited information. A primary objective of auditing
operating effectively to achieve the objectives or objectives of the organization. It determines whether IT measures protect resources, ensure data reliability, and help achieve overall business goals and objectives. The IT auditors estimate not only physical security controls, but also the operational and financial sectors that involve information technology systems. IT audits are used to ensure that IT controls and processes work properly. Its main objectives