Skip to content

FUNCTIONS AND RESPONSIBILITIES OF INTERNAL AUDITORS

FUNCTIONS AND RESPONSIBILITIES OF INTERNAL AUDITORS :

“Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation in accomplishing its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.”

Major roles and responsibilities of internal auditor are summarized below

1. To work with board and management to ensure that a system is in place which ensures that all major risks are identified and analyzed. Evaluate and provide reasonable assurance that risk management, control, and governance systems are functioning as intended and will enable the organisation’s objectives and goals to be met.

2. To plan, organize and carry out the internal audit function including the preparation of an audit plan which fulfils the responsibility of the department, scheduling and assigning work and estimating resource needs.

3. Report risk management issues and internal controls deficiencies identified directly to the audit committee and provide recommendations for improving the organisation’s operations, in terms of both efficient and effective performance.

4. Evaluation of information security and associated risk exposures. Evaluation of the organisation’s readiness in case of business interruption.

5. Evaluation of regulatory compliance program with consultation from legal counsel.

6. Maintain open communication with management and the audit committee. Team with other internal and external resources as appropriate. Engage in continuous education and staff development. To report to both the audit committee and management on the policies, programmed and activities of the department.

7. Provide support to the company’s anti-fraud programs.

8. To coordinate coverage with the external auditors and ensure that each party is not only aware of the other’s work but also well briefed on areas of concern.

9. To make recommendations on the systems and procedures being reviewed, report on the findings and recommendations and monitor management’s response and implementation.

10. To review and report on the accuracy, timeliness and relevance of the financial and other information that is provided for management.

 

 

Leave a Reply