Internal Auditing Essay

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Internal auditing Internal auditing is a process which provides assurance and consulting service like evaluate the controls, performance efficiency, detect the risk management and governance to a public and private entity in order to adding value to the organization. Internal auditor For every public listed company in Malaysia is required to build up an internal audit department request by security stock exchange. Internal auditor is a profession provides independence and objectivity appraisal and attesting on the organization financial and non-financial information, organization activities performance, reviewing adequacy of accounting controls, provide information for the manager or management level to make decision, aware on the any wasteful and fraud existing in an organization and they should reviews activity continually. Institute of Internal Auditors History Institute of internal auditors (IIA) establish at the year 1977 in Malaysia, as a non-profit professional organization focus on the developing of internal auditor profession practice in Malaysia. At year 1977, IIA Malaysia is branch from the institute of internal auditors Inc, USA. Until year 1994, IIA Malaysia incorporate as a company limited by guarantee and keep going improve and upgrade standard to match with current public needed and member of the institute of internal auditors Malaysia enlarge to 3000 members around the nation. Vision Institute of internal auditors Malaysia delegate as national voice of the internal auditor. IIA Malaysia protect the value to the member, provide necessary and best practice to members and also provide service to the member to overcome the problems. Mission IIA Malaysia furnish exceptional leadership to lead nation pr... ... middle of paper ... ... and impact of non-conformance and the communicated engagement results 2440 Disseminating Results To ensure information related to audits, site visits, and other external evaluations are communicated to all relevant and appropriate parties. 2500 Monitoring Progress A self-assessment by line management is likely to be the most efficient and effective approach to monitor progress. A follow-up audit may be appropriate, with the scope and timing of any follow-up audit being determined by the risks posed to the entity if the recommendations are not implemented in an effective and timely manner. 2600 Resolution of Management’s Acceptance of Risks To follow up of audit issues is an integral part of good management. The responsibilities of chief audit executive and senior management have duties for the assessment and resolution of financial audit issues and report.
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