Online Submission Assignment Cover Page
Name: Inna Derypaska
Course #: MU1
Course Name: Internal Auditing & Controls
Assignment #: 1
# of Pages (including this one): 11
Question 2 (27 marks)
THE INTERNAL AUDIT DEPARTMENT
To conduct independent, objective assurance and consulting activities created to add value and improve the operation of Newlands Networks Corporation via systematic, disciplined approach to assess and improve the capability of risk management, control, and governance practices. Slide #1
The role and significance on internal auditing has grown extremely and the____ expectations continue to enlarge. Internal audit tasks have an extensive authority_ to examine financial, operational, information technology, legal/regulatory and__ strategic contingencies. Our purpose is to provide independent and objective ___ assurance to add value and improve our company’s operation via systematic, ___ disciplined approach to assess and improve its performance. We pinpoint three main elements, particularly risk management, controls, and governance. As we all understand, the internal audit activity is not invulnerable to risks. It requires to _ take the essential action to ensure that it is controlling its own risk. Risk management is to recognize and evaluate significant vulnerabilities to risk and add to the______ enhancement of risk management and controls systems. Controls are any activities performed by management, the board and other parties to manage risk and increase the chances that chartered objectives and goals will be reached. To keep up______ effective controls is to assess their effectiveness and efficiency and by encouraging continuous improvement. In conclusion, governance is the mixture of processes___ and structures enforced by the board to inform, direct, manage and monitor the____ activities of the firm toward the success.___________
In addition, it is our duty to provide reliable and honest financial and operational____ information and the methods used to identify, measure, explain and report such information. We also guarantee the effectiveness and efficiency of operations and agendas, safeguarding of assets and compliance with laws, regulations, policies, procedures and agreements.
To be customer-oriented support firm that provides value-added audit and consulting services to assist in the accomplishment of the company’s goals and performance ambitions. Slide #2
Our basic role is to review the operations and programs to conclude whether results are agreeing with established objectives and goals. We will also evaluate and improve risk management methods, and governance methods.
To improve teamwork, efficiency, modernization, workforce diversity, and the development of the individual by inviting participation, mutual support, quality, continuing education, and challenging rules of performance. Slide #3
We constantly improve our auditing and advising programs and do our best toward technological and industry leadership. We will encourage the pursuit of professional advancement and the sharing of expertise and experience with our peers. Internal Audit Team:
Director/ Chief Audit Executive 1
Professional Accountants 6 Electrical Engineer 1
Based Standard 2100 on Nature of Work that the internal audit project should_____ evaluate and contribute to the development of governance, risk management and__ control system using the efficient and organized approach. Thus, our department___ will be compose of group of professional accountants, expert in electrical engineering and statistics. As one team we deliver excellence due diligence and professional care in order to fulfill our purpose and objective in accordance...
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