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AUDIT:
“Concerned with the verification of accounting data, with determining the accuracy and reliability of accounting statements and reports”. The emphasis is on verification of accounting data with a view to report on the reliability of accounting statements.
INTERNAL AUDIT:
“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”. Attributes in an Internal auditor :
- Independent - Objective - Consultant - Add Value - Improve - Systematic - Disciplined - Evaluate - Effective
Attributes in an Internal auditor :
He should
- have diverse knowledge
- be innovative
- be a good and creative thinker He should be able to
- access risks, controls, quality, economy & efficiency - assure effectiveness and adequacy of controls - communicate effectively with clarity and accuracy
He should - examine global issues - be up to date on emerging technologies and evaluate them. - analyze opportunities Can be - control expert - efficiency specialists - facilitator / problem solver - trainer Audit Committee Board of Directors Chairman CEO / MD Finance Director
Applicable to - all members - all Internal Auditors - individuals & organizations Integrity : All Internal Auditors shall perform their work with - honesty - diligence - responsibility - within laws of the land - contribute and respect legitimate & ethical objectives of the organization. Objectivity : All Internal Auditors will - will not develop relationships that effect objectivity. - will not accept gifts that can effect professional judgement. - will not participate in any activity that can effect objectivity. - be unbiased - be transparent and present all material facts. Confidentiality : All Internal Auditors shall - protect all company information - not use information for personal gains. - be prudent in use of information - not use information to the detriment of legitimate & ethical objectives of the organization.
Competency : All Internal Auditors shall ensure that - they have necessary knowledge - they have necessary skills - they have adequate experience to undertake their assignment - they continually improve their proficiency - they perform in accordance with International Standards
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