What is Internal Auditing?
Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
The Internal Auditor’s responsibilities with respect to the internal audit function. The Internal Auditor describes audit planning and scheduling, and discusses, the internal audit function may be provided by in-house staff or an outsourced team. Whether internal audit is a part of the organization or not its structure would depend on:
Business of the organization
Geographical locations
Culture of the organization
Control risks
Environment
Scope of Internal Audits
The internal audit function’s scope of operations is by its very nature quite expansive. The internal audit function will assist the College in fulfilling its vision, mission, strategic initiatives, and objectives, while adhering to its core values, by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of enterprise-wide risk management, internal control systems, and governance processes.
Ultimately, the internal audit function will help ensure:
Risks are appropriately identified and managed;
Significant financial, managerial, and operating information is accurate, reliable, and timely;
Employees’ actions are in compliance with, standards, procedures, and applicable laws and regulations;
acquired economically, used efficiently, and adequately safeguarded;
Internal controls, good business judgment, and high ethical standards;
Quality and continuous improvement are fostered in the internal control processes; and
Significant legislative or regulatory issues impacting the addressed appropriately.
Effectiveness of internal audit function
The audit committee should annually assess the effectiveness of the internal Audit function. Internal audit should be assessed against the following Criteria:
I. Achievement of the annual internal audit plan;
ii. Compliance with IIA’s professional standards inclusive of quality assurance assessments on the level of compliance achieved;
iii. Achievement of reporting protocols through management to the audit committee;
iv. Timeliness of reporting of findings and activities;
v. Responsiveness to changing business/operational environment;
vi. Management’s acceptance of the internal audit findings;
vii. Quality and relevance of the annual assessment reports;
viii. Level of cooperation and interaction with other assurance providers within the agreed combined assurance approach;
ix. Maintenance of adequate staffing/sourcing levels to achieve the required to meet the requirements of this charter; and
x. Meeting the budget allocated to internal audit.
Types of Audits
Departmental Audits
Financial Audits
Operational Audits
Grant and Contract Audits
Fraud and Financial Irregularity Audits
Follow-up Audits
Internal Audit Procedures and Techniques
1. Observation and Inquiry
2. Analysis and Review
3. Inspection
I. Vouching
II. Recompilation
III. Retracing of Bookkeeping Procedures
IV. Physical Examination and Count
4. Confirming
Review of charter
This charter must be updated at least once a year but more frequently as circumstances may necessitate. It should be approved by the board and endorsed by the audit committee, in order to formally establish the authority of the internal audit function
SUMMARY:
Auditor and Finance Management person is a vital position in an organization as they are responsible for costing, pricing & profit of the organization. They take the sole responsibility of auditing the business process and activities in an organization which helps them to find non-conformances in activities & process and take corrective actions at appropriate time. These steps help the organization to grow and maintain its stability in today’s competitive market. It is also vital that the Finance management must take its place with the current growing technology; auditor and finance Management persons must be aware of latest technologies in Develop and maintain financial data bases, computer software systems and manual filing systems.
I am working as a “certified Management consultant” from several months and doing my work properly because I have 10(Ten) years of job experience in all fields of Accounting and Business Finance, I have become an expertise professional in business Finance, Management Accounting and efficient in Project Management. I have also expertise and vast professional experience in Costing & Pricing, Closing of Financial Accounts. I am also able to control the personnel and administration department by day to day follow upping.
Profile
Solid background in financial analysis and marketing, with strong emphasis in telecommunications account management. Consistently exceed sales goals and customer service expectations. Experienced in handling international accounts and in presenting results of consortium operations. Skilled in developing and implementing standardized policies and procedures.
Career Objective:
To work in a challenging professional environment and demanding position in the Financial Counseling field, dealing clients on face and developing compact financial strategy. My ability to lead projects has proven to be successful as demonstrated through product development and risk analysis measures. My practical knowledge of customer service, business research, organizational management, crystal financial concepts and more makes me a remarkable candidate for “the Management consultant opportunity”
Highly skilled and qualified with more than 10 years of experience in all the arena of Accounts, Auditing, Finance and Banking now looking for a challenging position of financial consultant to utilize my knowledge and my skills in a “part-time or contract basis.”
About me:
I am creative, a quick thinker, enthusiastic and have a high productivity. I am realistic and implement my assignment within the bounds, objectives and capabilities of the organisation. My quick understanding of strategic options helps find direction and supports management in decision making. I have a “doer” attitude and get things done on the technical and functional side. As a “business consultant” I am good in directing projects on “what” we are going to do; for large projects I prefer to work in concert with a project/program manager who oversees planning and manages policies. I generally meet time and budget constraints. But I still don’t know where IT ends and where business begins, nor where strategy stops and the hard work begins. Consequently I am available as a “business consultant” for all these areas in an organization.
Education:
• Master’s of commerce (Management)
• Master’s of business administration (MBA)
proof of additional skill: Also completed various certified & training courses on finance , auditing , budgeting, Management & Economices base
Business killed:
All This experience instilled in me the desire to own and manage my own business someday; it is very natural to ask “Why starts my own “Management consulting firm?” As a consultant, would be working with upper management and owners of business to assist them in improving their business in a variety of ways. The value of the consultants’ role in business arena currently more exciting! Profession, But important to make it as successful as possible, I think that I could provided me with the knowledge to apply my business and analytical skills to different business scenarios, I am confident that my strong work ethic and analytical, creative mind would equip me to contribute meaningfully to as an Associate management Consultant.
Consulting service:
As a financial consultant with the following responsibilities and duties: mainly responsible for providing consulting service to the clients and customers on account, audit, project management service, and so on, responsible for financial reporting, planning and preparing various policies and plans; developing new methods for analyzing financial data; responsible for handling different financial projects; providing advices to the clients for the investment, Other Core Competencies include:
• Great presentation and organization skills
• Good analytical and statistical skills
• Excellent numerical skills
• Knowledge of financial principles
• Knowledge of customer relationship management
• Project management,
• Knowledge production coordinate
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