Internship Report in Auditing
CHAPTER ONE: INTRODUCTION 1.1. BACKGROUND OF THE STUDY Auditing refers to the process of checking and analyzing of financial statements to prove that they give true and fair view of the company and to ensure that they were prepared according to the accounting standards and finally producing a report after their opinion.
Internal audit is professional activity involved in helping organizations to achieve their objectives. And the goals using systematic methodology for analyzing business processes, procedures and activities by highlighting organizational problems and recommending solutions. Famous authorities an auditing literature; defined auditing the internal auditing system as the whole system of controls , financial and otherwise, established by the management in the conduct of business including internal check, internal audit and other forms of control .
In the management of government institutions like other companies, general directors or managers set objectives and formulate strategies. The internal auditor is supposed to examine financial information on behalf of the management to ensure that various corporate objectives are achieved with minimum costs possible. For this reason the internal auditor should be able to review and to keep track of the company’s performance to ensure that it is operating as per the pre-determined course of action. In this case the internal auditor will need to review and to assess the company’s performance from a much broader perspective and this presupposes that the internal auditor understands the objectives of an organization as manifested in the articles and memorandum of association or any other statutes governing the company’s performance. This means that the internal auditor must understand corporate policies to enable him to identify and to analyze the company’s performance from predetermined course of action. Such a process will
Internal audit is professional activity involved in helping organizations to achieve their objectives. And the goals using systematic methodology for analyzing business processes, procedures and activities by highlighting organizational problems and recommending solutions. Famous authorities an auditing literature; defined auditing the internal auditing system as the whole system of controls , financial and otherwise, established by the management in the conduct of business including internal check, internal audit and other forms of control .
In the management of government institutions like other companies, general directors or managers set objectives and formulate strategies. The internal auditor is supposed to examine financial information on behalf of the management to ensure that various corporate objectives are achieved with minimum costs possible. For this reason the internal auditor should be able to review and to keep track of the company’s performance to ensure that it is operating as per the pre-determined course of action. In this case the internal auditor will need to review and to assess the company’s performance from a much broader perspective and this presupposes that the internal auditor understands the objectives of an organization as manifested in the articles and memorandum of association or any other statutes governing the company’s performance. This means that the internal auditor must understand corporate policies to enable him to identify and to analyze the company’s performance from predetermined course of action. Such a process will