Internal Audit

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Internal Audit

An inspection and verification of the financial records of a company or firm by a member of its own staff to determine the accuracy and acceptability of its accounting practices.

References in periodicals archive ?
Additionally, even if the internal audit staff grew, there was no guarantee it could maintain its technological edge as the company expanded into more diverse business lines.
Also in this phase, A&A provided an implementation guide to the internal audit staff. After the internal documentation process had begun, A&A provided redirection in May 1994.
The chairman of the committee, Haji Habib ur Rehman informed the members that those Internal Audit Staff who are performing their duties since May, 2003, their services may be regularized to enhance their performance.
Both of these impact MS-DRG assignment, yet sometimes these scenarios are not evident to internal audit staff.
Meet with the internal audit staff and ask about any areas of concern they may have, and about comments that have been noted in multiple audits.
He will provide leadership and direction to the Internal Audit staff and will serve as an internal consultant to business leadership on technical, operations, systems and financial control matters.
The third private member Bill of the Sardar Aurangzeb Nalotah, Shah Hussain Khan and Jaffar Shah namely the Khyber Pakhtunkhwa Zakat Internal Audit Staff (Regularization of Services) Bill, 2015 was referred to the Select Committee of the House.
In continuous auditing, the internal audit staff uses technology to analyze data frequently for early identification of outliers.
With appropriate support from the Board of Directors' Audit Committee, the internal audit staff is in the best position to gather intelligence on inappropriate accounting practices, inadequate internal controls, and ineffective corporate governance.
The rotational model can be applied to the chief audit executive (CAE) position, to internal audit staff positions, or to both simultaneously.
The report - produced by the 12-strong Panel chaired by former Labour Police Authority chairman Cllr Bill Weightman - also raises concerns about "the reduction in senior management resources, a reduced number of dedicated internal audit staff and no specifically dedicated resources for governance support or performance management".
Given the importance of internal audit's role in the context of the overall internal control structure, it may be more important to design an internal control function for the PRC that is aligned with the specific risk profile for company operations in the PRC than to just emulate and extrapolate what the internal audit staff does elsewhere in the world.

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