Internal auditing research paper

I. Internal control and its environment
a. Concept of internal control system
b. Elements affecting internal control
 
II. Business value of internal control
a. Common benefits of internal control to business
i. Operation activities
ii. The assertive financial reporting
 
III. Challenges in business
a. Internal control of ordinary businesses
b. Common mistakes, error and misconduct that affects business operations and financial reporting
c. Internal control in different business organizations: cost and benefits
d. Is verbal internal control enough?
 
IV. Assets, liabilities and documents to audit and monitor
a. Cash, inventory, supplies, fixed assets and other important assets
b. Accounts payable
c. Capital
d. Business documents such as checks, bank statements and invoices
 
V. Tools that may help for effective control
a. The concept of recording, custody and authority
b. Checklists to consider: operation and financial reporting
 
VI. Case studies
 
VII. Sharing of actual experiences and question and answer

Assessment techniques ensure an internal auditor completely understands internal control procedures and determines whether employees comply with internal control directives. An auditor avoids disrupting the daily workflow by beginning with indirect assessment techniques. For example, he may review flowcharts, manuals, departmental control policies or other existing documentation, or he may trace specific audit trails from start to finish. He may conduct one-on-one interviews and process observations with staff if document reviews or audit trails do not fully answer all of his questions.

Internal auditing research paper

internal auditing research paper

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