Implementation of internal Auditing Procedures:
“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. Any failure to implement or respond to proper internal auditing practices will finally lead to collapse. Therefore, attention must be paid to internal auditing.
In simplest terms, the duties of our internal auditor are to:
- Objectively review an organization’s business processes.
- Evaluate the efficacy of risk management procedures that are currently in place.
- Protect against fraud and theft of the organization’s assets.
- Ensure that the organization is complying with relevant laws and statutes.
- Make recommendations on how to improve internal controls and governance processes.
- Performance measurement with industrial/seasonal/geographical yardsticks.
- Variance analysis of key areas from business history.
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