The role of internal auditor has expanded in recent years as internal auditors seek to monitor all aspects (not just accounting) of organization, and add value to their employee. The work of internal auditor still prescribed by the management but it may cover the following broad areas:
- Review the accounting and internal control system
- Examination of financial and operating information
- Review of the economy, efficiency and effectiveness of operations
- Review of compliance with laws, regulation and other external requirements with the policies and procedures
- Review of the safeguarding of assets
- Review of the implementation of corporate objectives
- Identification of significant business and financial risks, monitoring the organization risk management policies
- Special investigation into particular areas, for example suspected fraud
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