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Tuesday, July 23, 2013

Duties And Responsibilities Of An Internal Auditor

Whereas the duties and responsibilities of an external auditor are stipulated in the Companies and Allied Matters Act, No. 1 of 1990, the duties and responsibilities of the internal auditor depends on the size and technology of the organization.

A.  Main Duties of an Internal Auditor:
The internal auditor shall:
  1. Execute a wide range of audits and reviews in a diverse and highly computerised organisation;
  2. Provide an independent, objective assurance and consulting service to management, with the principal aims of evaluating and improving the effectiveness of risk management, control and governance processes;
  3. Make recommendations on increasing operational efficiency, having regard to value for money auditing;
  4. Agree the annual audit plan with the Chairman prior to approval by the Audit Committee;
  5. Report quarterly and as requested to the Audit Committee and to the Chairman or any person with equal position;
  6. On a day to day functional basis, the Internal Auditor reports to the Chairman or any person with equal position;
  7. Any other appropriate duties as may be defined from time to time by the Chairman.

  1. General Responsibilities of an Internal Auditor:
The internal auditor is generally responsible for:

  1. Managing the Internal Audit function.
  2. Developing and maintaining a charter for the Internal Audit function which reflects the Office's responsibilities, authority, and reporting relationships.
  3. Developing and obtaining proper approval for goals, audit work schedules, staffing plans, and financial budgets for the Department.
  4. Perform individual audits according to the Standards for the Professional Practice of Internal Auditing issued by the Institute of Internal Auditors (IIA) and other local professional accounting bodies like ICAN.
  5. Maintain personal proficiency and that of staff auditors by obtaining an adequate amount of continuing education.
  6. Supervise staff auditors by assigning them to jobs which match their abilities, reviewing their work, and appraising their performance.
  7. Participate in or conduct evaluation and cost studies as directed by the appropriate officer(s) of the organisation.
  8. Conduct scheduled and special audits and make recommendations for improvement.
  9. Continue to assess professional development and take advantage of opportunities to improve skills.
  10. Keep current on trends in accounting and auditing.

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