September 14, 2007, Newsletter Issue #44: Auditing Services - Internal

Tip of the Week

Internal auditing services consist of monitoring, detecting, preventing, and testing transactions of the company's policies and procedures. Internal auditing has management as the main beneficiary. Internal auditing certifies the effectiveness and efficiency of processes, departments, projects, or internal control. It also verifies the accuracy of company records while checking for wastage and fraud.

Internal auditing services include testing for proper recording of transactions, monitoring compliance with management's directives, and performing risk assessment. They also would include ascertaining compliance with SOX (Sarbanes-Oxley Act) of 2002, monitoring IT systems for effectiveness and efficiency, and performing operational audits.

Internal auditing services consist of complying with guidelines published by the Institute of Internal Auditors. Internal auditing services lack independence since the auditors are employees are the entity.

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