Internal Auditing And External Auditing Industry Essay

In the last decade, the world of business has been subjected to significant changes. Globalization has given a new meaning to the way in which business is now conducted; i.e. business in a world devoid of geographical boundaries or time zones. Global expansion has also given rise to many emerging firms and laid the foundations for fierce competition amongst existing industries. Internal auditing is no exception. In order not to face complacency or obsolescence, the internal auditing industry has to be proactive and adapt to changing market trends. Indeed, the possibilities available to internal auditing in our current global economic climate are limitless. Nevertheless, for the auditing industry to remain successful in today’s fast- paced world, it has exploit every resource and turn it into a profitable venture. For instance, one of the driving forces of globalization is the increased use of technology in all kinds of business and trade activities. E-business is one of the most common and elaborate business solutions for a variety of firms, ranging from architecture to retailing, amongst others. Many organizations are sometimes reluctant to using technology to expand business since they may be struggling to keep up with the accelerated pace of operations. Thus, it is an opportunity for internal auditors to step in and guide them as they explore other business horizons. What is required for the audit industry to thrive in such an environment is a pool of employees areShow MoreRelatedImportance of External Auditors1110 W ords   |  5 Pagesfunction of external auditors in order to analyze why it is important to be independent. The primary mission of external auditors is to review and evaluate all the financial records of a company or corporation. They provide an objective opinion on the organization’s financial statement and effectiveness of the accounting polices in order to help management to make decisions. If the independence of the external auditors is impaired, the public will doubt the quality of professional auditing servicesRead MoreMemo On Program Evaluation Of Internal Auditing System1060 Words   |  5 PagesFROM: Pratusha kudumula DATE: feb3, 2016. SUBJECT: Memo on program evaluation of internal auditing system in Pharmaceutical industry. OBJECTIVES: The main objectives of this memo is to discuss the purpose, determine the conformity or non-conformity of the quality system in meeting the specified requirements to clients, and how the internal auditing system in Pharmaceutical industry works. Conducting internal auditing of operations are key elements of a good quality system. Conducting audits is a meansRead MoreAuditing And The Growing Use Of Financial Software1114 Words   |  5 PagesAUDITING AND THE GROWING USE OF FINANCIAL SOFTWARE Terms of reference The report is a part of an assessment for the auditing unit; the intended audience is the lecturer Mr Ade Otukoya. The report is written after a presentation done in class to reflect on your understanding and how to improve after getting your feedback. Table of contents †¢ Introduction (what is auditing) †¢ Auditing definitions †¢ Purpose of auditing †¢ An overview of framework for audit assignment †¢ Auditing terms and definitionsRead MoreInternal And External Auditing Audit Essay1554 Words   |  7 Pagesthat ensure the accuracy of financial statements. Although internal and external auditors play different roles with an organization, they must follow auditing standards and procedures to detect fraud. In 1941, The Institute of Internal Auditors (IIA) was founded to provide guidance to internal auditors (Whittington Pany, 2014). â€Å"With over 170,000† international members, â€Å"the IIA has paralleled the recognition of internal auditing as an essential control function in all types of† businessesRead MoreThe Independence Of Internal Audit1489 Words   |  6 PagesIndependence is a very important element in auditing. Because of the Enron Corporation and other scandals, independence of auditors becomes a vital issue in the audit industry. It is difficult to achieve ‘independent’ for auditors as there is the fact that the client pays the audit fee. In this essay, we will focus on the independence of internal audit. Internal audit plays an important role in a company. According to the IIA (1999), â€Å"Internal auditing is an independent, objective assurance and consultingRead MoreMarketing Planning Of H M986 Words   |  4 PagesThe Auditing team monitors HM financial reporting which includes monitoring the effectiveness of HM internal control along with management. The organisational work for HM includes handling auditing issues and financial reports published by HM The Auditing team constantly receives information with supporting documentation for decision-making from HM involving the Managing Directors with the company’s external auditors A further task of the Auditing team is to cover The Auditing teamRead MoreThe Role Of External Auditors On Public Financial Statements1446 Words   |  6 PagesExternal auditors play important roles in delivering credibility of public financial statements to stakeholders outside of the audited firms (The Institute of Chartered Accountants in Australia, 2008). Published financial statements can be used by stakeholders as a basis for evaluating the financial position of firms, analyzing the performance of management, or making investment decisions (International Organization of Securities Commissions, 2002). Published financial statements will also be usedRead MoreAn Interview With The Banking System Essay1408 Words   |  6 Pageswith my sister, Leblanc, A., (2016, October 1) she said the bank have strict internal guidelines and there is a zero fraud tolerance policy for not following compliance. These are all examples of Bank branch restrictions, no one is certain what goes in back offices. Audit History in Banking Auditors play an important role in the banking industry, they should help promote confidence and independence in the financial industry. The auditors work for and act as a go between the shareholders and the corporationRead MoreSamsung Busines Strategic Report Essay1588 Words   |  7 PagesINTERNAL AND EXTERNAL AUDITING MARKETING REPORT PLANNING THE FUTURE MARKETING STRATEGIES FOR SAMSUNG TELECOMMUNICATION COMPANY PREPARED BY: SABRINA A. MDEMU L1165AAAA1010 Appendix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦2. Executive summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..3. Introduction * Vision of Samsung†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..4. * Statistics and research figures†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦5. Recommendation on internal and external auditing for future marketing strategies * Internal auditing * SWOT analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MoreThe Importance Of Auditor Independence On An Audit1473 Words   |  6 Pages Why is it important for external auditors to be independent? Relate your answer to the primary role of external auditors. Give examples of specific ways the lack of auditor independence may impact adversely on an audit. Auditing is one of the most essential processes that has to be executed in the business world. It involves independent testing on the documents of a business to establish the financial statements are prepared without any material misstatements and maintained as the law requires