This helps to ensure that the auditor is in line with the policy which is applicable during internal mergers and operational changes. It also ensures that audit is involved in strategic changes and improvements throughout the year.
The internal audit can be helpful in the following ways:
As per the previous feedback appropriate allocation of resources for the most significant proposals of the organization.
Focus on lesser important departments to overall assess the changes required.
Ensure the role of the audit is aligned with the functioning of the company.
Risk assessment which is continuous and combined
This can be done by breaking down of the single storage of information so that each department is made aware of the risk factors along with continuous improvement in the existing processes for changing risks, acquire renewed risk related policies to accept the change are the programs which can be run for integrated and continuity in risk assessment.
The internal audit can be helpful in the following ways
Start with all-inclusive approach so that audit team can build the audit plan.
Combined risk management wherein each department understands the risk at the same level and work towards risk free working environment.
Audit to run pilot risk assessment for smaller departments to educate the company as a whole.( Beasley, Buckless, Glover and Prawitt 2011)
Auditing and professional practice in companies
A public accounting company along with associated companies which is registered shall comply fully with the pertinent audit and professional practices of the company.
Terminology used in Auditing and professional practice in companies
There is certain degree of accountability levied on the auditors to describe the report prepared by them as per the company’s standard.
Unrestricted responsibility: An auditor violates the rule of professional practice if he fails to use the words like “must”, “required” and “shall”, which shows the unrestricted responsibility.
Compulsory responsibility: The use of word “should” indicates that the auditor did follow the requirements of the board’s standards or if he has taken some alternative measures then they should also direct to the company’s objective.
Accountability which can be considered: There are few words which describe that auditor should use as his responsibility. Like “might”, “may” and “could”. It is up to the auditor on how and under what circumstances he uses these terms which relate to the objectives set in the board’s standard.( Zadek, Evans and Pruzan 2013)
Internal auditing is managed in varied lawful and social environments. There may be differences in the way the auditors function in different environments, but should be in conformance with IIA’s, which is the International Standards for internal auditors for Professional Practice, wherein they should be engaged in meeting the same standards of internal auditing.Even if there are certain activities which are barred for internal auditors still they need to confirm with the remaining standards and appropriate responses are needed.
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