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INTERNAL AUDIT IN CORPORATE GOVERNANCE

INTERNAL AUDIT IN CORPORATE GOVERNANCE

Internal audit has formed over the years as a profession, always trying to meet the changing needs of their entities. Internal audit is based on a reference framework recognized worldwide, even because the environments varieties in which is practiced, it must be adapted to account the laws and regulations of each country’s specifi c rules governing different sectors, respectively the size and cultural entities. Internal audit, focused on accounting principles since its inception, has now become a powerful tool to detect the main risks of the entities.
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An Internal Audit Perspective on Differences between European Corporate Governance Codes and OECD Principles

An Internal Audit Perspective on Differences between European Corporate Governance Codes and OECD Principles

In the view of the latest economic environment evolution punctuated by financial scandals (national, European and international ones) the concept of corporate governance, has become more and more visible. As defined by The Institute of Internal Auditors, governance is “the combination of processes and structures implemented by the board of directors in order to inform, direct, manage and monitor the activities of the organization toward achieving is objectives”. In the IIA 2100 Standard – Nature of Work, we have a clear punctuation: „the internal audit activity must evaluate and contribute to the improuvement of governance, risck management and control process using a systematic and discipined aproach” (IIA standards, 2012).
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THE EVALUATION OF THE INTERNAL AUDIT RISK REGARDING PUBLIC PROCUREMENTS

THE EVALUATION OF THE INTERNAL AUDIT RISK REGARDING PUBLIC PROCUREMENTS

Management can identify the risks and their evolution at the level of the entity with the help of a set of activities that organize, lead and manage and activities of pre-established control (through the specific department). The internal audit structure is an independent structure and resumes the analysis of the risks established by the management in order to evaluate the control system or the work procedures.

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Theoretical grounds of internal audit in the system of state financial control in Ukraine

Theoretical grounds of internal audit in the system of state financial control in Ukraine

the article considers modern directions of reformation of the system of state inancial control connected with introduction of the state internal inancial control. It considers economic essence of the state internal inancial control in the context of its components. It justiies the place of the internal audit in the system of the state internal inancial control in Ukraine. It considers existing deinitions of internal audit in legislative acts. It generalises views of scientists on interpretation of the “internal audit” notion. It provides deinitions united in approaches. It conducts a critical analysis of generalised approaches. It ofers the authors’ view on the essence of internal audit in budget institutions, which has certain positive features compared to existing ones.
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CHALLENGES OF INTERNAL AUDIT IN THE CURRENT CRISIS

CHALLENGES OF INTERNAL AUDIT IN THE CURRENT CRISIS

The actual case study is based on research conducted by the company Protiviti, which is a global business consulting and internal audit firm, composed of experts specializing in risk, advisory and transaction services. Protiviti has offices in 61 major markets, out of which 33 are in the US and 28 in two Americas, Asia and Europe. The firm also has risk consulting partnerships with firms from Abu Dhabi, Caracas, Dubai, Jakarta, Kuwait and Lima.

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THE INTERNAL AUDIT AS COGNITIVE PROCESS

THE INTERNAL AUDIT AS COGNITIVE PROCESS

PsвМСШЦШtШr: ЦКЧЮКХ, pСвsТМКХ КЛТХТtТОs (AЛТХТtТОs) TСОsО КrО КХsШ ФЧШаЧ Кs: tШ ФЧШа, tШ ЛО КЛХО tШ, tШ аКЧt (ХОЯОХs аСТМС КrО КХsШ ЮsОН ТЧ tСО МШЧstrЮМtТШЧ ШП УШЛ НОsМrТptТШЧs- СЮЦКЧ rОsШЮrМОs). FШr ОКМС prШПОssТШЧКХ ПТОХН МОrtКТЧ МШЦpОtОЧМТОs КrО НОПТЧОН (ФЧШаХОНРО, КЛТХТtТОs КЧН КttТtЮНОs). TСЮs, ЛОПШrО КХХ, ШЧО ЦЮst ФЧШа tСО МШЧМОpt, tСОЧ ШЧО ЦЮst ЮЧНОrstКЧН Тt, ТЧ ШrНОr tШ ЛО КЛХО tШ КppХв Тt, tШ ЛО КЛХО tШ КЧКХвгО Тt, tШ ЛО КЛХО tШ sвЧtСОtТгО КЧН, ТЧ tСО ОЧН, tШ ОЯКХЮКtО….. IS THIS ALSO THE CASE АITH THE INTERNAL AUDIT!?
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Internal Audit: Organization Questions On The Enterprises Of Ukraine Внутренний аудит: вопросы организации на предприятиях Украины

Internal Audit: Organization Questions On The Enterprises Of Ukraine Внутренний аудит: вопросы организации на предприятиях Украины

неотъемлемой частью внутреннего контроля дея- тельности предприятия является внутренний аудит, кото- рый должен выполнять не только контрольные функции, а, в первую очередь[r]

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Corporate Governance- Issues and Challenges in Pakistan

Corporate Governance- Issues and Challenges in Pakistan

Corporate governance index is a tool to enable stakeholders gauge the state of corporate governance in individual companies and, overall, in a country. It indicates assessment of corporate governance practices and policies and reflects the relative level to which a company follows the generally accepted codes of corporate governance. Governance practices are measured through a survey of each company. Based on the survey findings an index is formulated. The purpose is to benchmark a company's investor right protection, disclosure quality, board effectiveness and other key features against the principles of transparency, accountability and responsibility. Different aspects of corporate governance are included in the index, such as board of directors, non-executive directors, board committees, internal audit, financial transparency and information disclosure, and stakeholders' rights. The Corporate Governance Cell is developing the methodology for formulating a corporate governance index for Pakistan. Once completed this methodology will serve as a foundation to commence research and formulation of the index.
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Radiol Bras  vol.47 número2

Radiol Bras vol.47 número2

The present issue of Radiologia Brasileira includes a study discussing the undertaking of an audit in the diagnos- tic breast imaging service of a private institution and com- paring such audit results with those recommended in the literature. The authors conclude that the complete internal audit of the mammography unit reflects the quality of the service and, as a result, contributes for the early detection and reduction of mortality related to breast cancer (1) .

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Rev. esc. enferm. USP  vol.44 número3

Rev. esc. enferm. USP vol.44 número3

The objective of this investigation was to identify nurses' practice in heath audit. The hermeneutic-dialectic method was used for the analysis. The study was performed in three loci: the internal audit service of a hospital; the external audit service of a pri- vate health service buyer, and the state audit service of the public health system (SUS, acronym in Portuguese for Sistema Único de Saúde - Unique Health System), in Bahia. Nine audit nurses were inter- viewed. In the SUS audit, the nurses report being fulfilled with their practice and with the valorization of their professional role. In the private audit - both inside and out- side of health organizations - the nurses' activities are focused on meeting the inter- ests of their contractors, and do not get much involved with the care delivered by the nursing team and with the needs of ser- vice users.
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TITLE COMPLIANCE FUNCTION AUDIT IN COMMERCIAL BANKS

TITLE COMPLIANCE FUNCTION AUDIT IN COMMERCIAL BANKS

The money laundering activity is associated with high-risk crimes, which is why international bodies and national authorities issued ample regulations on combating the ML/FT phenomenon which banks, as participants to the international transfer of money amounts must implement in an adequate manner. Regulatory bodies enrich the regulatory framework and continuously review the activities and the required limits, and national institutions supervise its implementation. Commercial banks implement adequate structures and identification processes, report transactions suspected of ML/FT and block funds. The internal audit structure is not directly involved in the ML/FT risk management, but through regular assessments they perform at the compliance function level, operational units and support functions ensure the improvement of the control framework and the increase in the efficiency of the tools and measures ordered by the management for the elimination of the risk of money laundering and financing of terrorism.
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THE INTERNAL CONTROL MODELS IN ROMANIA

THE INTERNAL CONTROL MODELS IN ROMANIA

Following the occurrence of internal audit, the definition includes the internal audit as a form of control available to the public entity. The definition covers all aspects of a public institution, noting that the internal control is now managerial, leading to the idea that it is a public institution management tool available for carrying out its functions in accordance with its mission, in terms of regularity, efficiency and compliance with legal regulations. Both laws mentioned the preventive financial control (PFC) as an important form of control available to the management of the public institution. The preventive financial control is exercised over all operations that affect public funds and / or public assets. The person exercising the PFC receives the documents, records them in the special register, then proceed to formal verification by completing the checklist specific to the operation received the visa on: completing documents according to their content, the existence of authorized signatures from the specialized compartments and the existence of supporting documents according to the operation. If these operations satisfy the requirements of legality, regularity and framing into the approved budget the PFC visa shall be granted by the person authorized to do so, after which the operations are approved by the management of the public institution.
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THE AUDIT OF RECEPTION PROCESS

THE AUDIT OF RECEPTION PROCESS

The audit procedure was the modern one in force. Making internal audit quality is regulated by the procedure "Internal Audit", one of the mandatory procedures. In the development process are the requirements of ISO 9001, cap.8.2 and ISO 19011 - Guide for quality and environmental audits.

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CORPORATE GOVERNANCE IN DEVELOPING ECONOMIES: CASE STUDY OF A ROMANIAN TEXTILE COMPANY

CORPORATE GOVERNANCE IN DEVELOPING ECONOMIES: CASE STUDY OF A ROMANIAN TEXTILE COMPANY

This study was established with an aim to identify some aspects of corporate governance at company level of the Romanian textile industry, about implementation of corporate governance codes as whole and also about ownership structure, accountability, risk management and internal audit. Regarding ownership structure we agree that the board of directors is being informed about all the significant company matters. This situation is a result of a clearly defined management structure, especially regarding functions of the board and management members and their commitment with corporate governance practices. No data was available on board of directors’ remuneration or compensation package. Therefore we could not give a detailed answer if financial gain is based on financial performance and efficiency of the company. Results revealed that there is an internal audit which is being reviewed by external audit controlling the accuracy of financial information considered within the internal audit. The management proved to have appropriate knowledge on managing risks, by using forward contracts and their impact on performance of the organization. Financial performance including accounting practices is also fairly presented. Still there is a need for more gender sensitivity for all the parties involved in the industry
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 Financial information transparency and publicity

Financial information transparency and publicity

If the internal control department is subordinated to the management (that can be interested in certain cases by the information asymmetry), the internal audit is a department that is subordinated to the Owners’ Board and the internal auditors are independent persons that must respect in their activity the Ethic Code of their profession. But as the information doesn’t remain within the company, and is offered to the external users, certain times, its quality is sometimes double checked by external auditors that validate or not the quality value of the financial information.
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ETL systems modelling with Coloured Petri Nets

ETL systems modelling with Coloured Petri Nets

Figure 65 shows the implemented CPN model of the ETL system used to populate the Sales DM presented previously. This CPN model is composed by nine places and five substitution transitions, each of these transitions hides the details of the sub modules presented in the previous sections that model the corresponding ETL processes. The place Transaction Log, displayed in red, is used to model the transaction log of the operational source’s database that will be used to audit its data. The four blue coloured places are used to model the relational tables in the DSA. Each audit table is used to store audited data from the corresponding table in the operational source, captured through the transaction log, that will later be loaded into the respective dimension or fact table. The green coloured places are used to represent the DM’s dimensions – Time, Product and Customer – and the Sales fact table. A single CDC module is used to extract information from the Transaction Log, whenever it is modified in the operational source, decode and load it into the correct audit table in the DSA. There must be an independent SCD-H process for populating each dimension. In this case three SCD-H modules are needed. To accomplish this, the original SCD-H
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Augusto Internal Control

Augusto Internal Control

When creating an organization one must know what will be the main activities and what to achieve from them. Therefore, the organization must establish a mission, the objectives it wants to achieve and strategies that help formulate the plans to reach them. Being the main goal of a business, in the private sector, to achieve profit, it means reducing costs to a minimum and maximizing the efficiency of the operations. To accomplish that goal, it is necessary to know what activities and processes to cut down and what to develop and enhance. That is only possible by having a process that is constantly analyzing the execution of the business. That is where the process of internal control takes place. COSO 2 (2011) refers that exist five main components of internal control that support the organization to achieve its objectives: control environment; risk assessment; control activities; information and communication; and monitoring activities.
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AUDIT, AUDIT-C, and AUDIT-3: drinking patterns and screening for harmful, hazardous and dependent drinking in Katutura, Namibia.

AUDIT, AUDIT-C, and AUDIT-3: drinking patterns and screening for harmful, hazardous and dependent drinking in Katutura, Namibia.

Alcohol Use Disorders Identification Test (AUDIT). The AUDIT is a widely used 10- item screening measure that assesses alcohol use during the previous twelve months. While not intended to be clinically diagnostic, the AUDIT indicates the presence and severity of an alco- hol problem or alcohol use disorder [14,16]. AUDIT responses are scored on a 3-point and 5- point Likert scale and total scores range from 0–40. Questions cover a variety of domains re- garding drinking behavior: harmful use (guilt, unconsciousness, injury), hazardous alcohol use (frequency, quantity, heavy drinking), and dependence indications (reduced control, conspicu- ousness, morning consumption). Based on the total score, participants are categorized into five categories: Non-drinker (score: 0), low-risk drinker (scores: 1–7), harmful drinker (scores: 8–15), hazardous drinker (scores: 16–19), or likely dependent on alcohol (scores: 20) [14]. As mentioned previously, the AUDIT-C consists of the first 3 questions, and the AUDIT-3 con- sists of the third question (binge drinking) [23].
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HISTORICAL ANALYSIS ON THE APPEARANCE OF THE SUPREME AUDIT INSTITUTIONS IN THE EUROPEAN UNION

HISTORICAL ANALYSIS ON THE APPEARANCE OF THE SUPREME AUDIT INSTITUTIONS IN THE EUROPEAN UNION

2. Historical background of the appearance of the Supreme Audit Institutions While the external auditing in the public sector, as we have seen so far, existed in one form or another since the early centuries of civilization formation, the structure, functions and powers of the Supreme Audit Institutions have evolved over time (NAO, 2005:2). Following the economic circumstances of each country, the passing of the audit presented orally has been done to a technical discipline practiced by professional auditors who advises on compliance of the annual financial statements of an entity with established standards (Ramkumar and Krafchik, 2005). In this context, the Supreme Audit Institution is a public body of a state or a supranational organizations that,howsoever designated, constituted or organized, exercises, by virtue of law, or other forms of action of the state or supranational organizations, the highest public auditing function of that State or supranational organization independently with or without jurisdiction (INTOSAI, 2007:3). Given our main objective, to explore public external audit exercised by the Supreme Audit Institutions of the European Union, we considered relevant that, in order achieve it, to present a historical analysis, since the first apparition of its forms. In achieving this, we studied in detail the sites of the Supreme Audit Institutions, using non-participating observation. In this context, our work is a process of identifying, analyzing and comparing the Supreme Audit Institutions of the European Union, which helps to highlight the differences and similarities and to draw some conclusions on the occurrence of the machineries of democratic accountability.
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