Protection of the Effectiveness of Internal Audit Function Essay

Protection of the Effectiveness of Internal Audit Function - Essay ExampleHence, it is out(a)lay considering how the effectiveness of the intrinsic study function could be better encourageed so as to protect shareholders as well as enable the external auditors to offer a higher quality audit opinion. When internal auditors are efficient in service deli truly means that the opinion they leave behind cast in the running of the presidential term result be the correct position of the political party (Get through Guides 2007). The internal auditors will be able to tump over recommendation to improve the running of the organisation. These recommendations will automatically realize to the company being run in a way that will be beneficial to the shareholders. For the shareholders, this will mean that they will drop the true position of the organisation and will be able to film informed decisions on how best to improve the business and they will know if their investment in the company is going to give worthwhile returns. The external auditors on the different hand will meet an organisation that has its af middlings in order and the kind of audit opinion they will give will be quality audit opinion. The reason is that the lapses will be recognised and recommendations made to correct them. This will clear investors since they will be confident that their investment will not be mishandled and this will automatically earn more profits to the shareholders. Internal auditors in carrying out their build efficiently can be protected by ensuring their independence is maintained. Despite the fact that the internal auditors are in the companys payroll, their work has to be free from managerial influence. This is because they need to maintain the highest degree of professionalism when going through the organisations books of accounts. If autonomy is maintained, they will be able to offer a true and just view of the books of accounts and give either a qualified audit opinion or unqualified audit opinion (Grey & Manson 2008). The other way to protect them is for the internal auditors to work with the management and not work like they are out to get the mistakes that have been committed. The auditors have to remember that they are not supposed to correct the mistakes done save rather give recommendations on how to rectify or improve. Management cooperation will ensure the records needed for audit will be availed with no occupations and thus will ease the work of the auditors. If management cooperation is secured, the other employees will also comply with the set rules they are sure that they will be audited and a true and fair opinion given. The working well with management will also give the internal auditors and the management an highroad to make proper risk management processes that will deter future lapses in the organisations books (Get through Guides 2007). With the current technology surge in the running of organisations, the intern al auditors have to be unploughed up-to-date with the technology. This will mean that they are always in loop with any lapses that may pass along in the organisation. Risks that impacted an organisation a year ago might actually be very different with the risks in the current year. This will mean updates on risks that may affect the organisation have to be made available. Without this the internal auditors might actually be overlooking a potential problem for the organisation and this will be detected by the external auditors which in turn will affect