Internal auditing guideline in Malaysia has approved by the Council of the Malaysia Institute of Accountants. Internal Audit Committee of the Malaysia Institute of Accountants adapted this guidelines from the publication “Guidance for Internal Auditors” issued in June 1990 under the guidance of the Consultative of Accountancy Bodies (CCAB) in the United Kingdom. Besides that, these guidelines provide advice to internal auditors on the main issues and procedures. Internal auditors should read the guideline in conjunction with the Approved Auditing Standards contained in the Members' Handbook and the Institute's By-Laws (On Professional Ethics, Conduct and Practice) and any requirements regarding internal audit set out in the relevant statutes or regulations. Objectives and scope of internal audit
Internal audit is an independent evaluate function established by the management of an public sector for the review of the internal control system .The have eight important essentials for effective internal auditing, which are independence, staffing & training, relationship, due care, planning, controlling &recording, evaluation of the internal control system, evidence and reporting and follow-up. Internal audit function should be formally confirmed by the public sector and should have proper regard to the contents of this guideline because demonstrable independence of the function is crucial to its effectiveness. 1. Independence
Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. Independence is achieved through the organisational status of internal audit and the objectivity of internal auditors. The status of internal audit should enable it to function effectively. This is meant that internal audit should determination of its own priorities in term consultation with management. Next, internal audit should have...