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Internal
Auditing
Derick S. Figueroa, CPA, CTT, MBA
Internal Auditing
In 2010
The Institute of Internal Auditors once again
began advocating for the broader role
internal auditing should play in the corporate
arena.
Scope of Internal Auditing
• Corporate Governance
• Risk Management
• Management Controls:
• Efficiency/Effectiveness of operations (including
Safeguarding of Assets)
• Reliability of Financial Reporting
• Compliance with Laws and Regulations
Scope of Internal Auditing
• Departmental Audit
- Review and evaluate the activities and
operations of a particular Company function.
Types of Audit
• Financial Audits
- Designed to validate the accuracy and completeness
of records and account balances.
- Determines whether the financial information of the
company functions, activity, department or unit under
audit fairly presents the financial position, results of
operations and cash flows of the auditee in
accordance with the Generally Accepted Accounting
Principles/IFRS.
Types of Audit
• Operational Audit
- Designed to evaluate procedures and controls
which impact the attainment of the company’s
organizational goals and objectives.
- Operational audits also measure compliance with
company policies and procedures.
Types of Audit
• Compliance Audit
- Designed to audit the compliance of the company
with all applicable laws and regulations were it is
operating.
- It does not include compliance with accounting
standards or IFRS and compliance with company
internal policies.
END FOR NOW…
• Next..
• More about Internal Audit Function and Activities
• Internal Auditor vs External Auditor
• Understanding more The Types of Audit