Intenal Auditors Expanded

Intenal Auditors Expanded - but also could return an...

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Role of Internal Auditors In general, the role of internal auditors is to tests the internal controls of an organization. Internal controls can include financial reporting, disclosure, and even security. Since Sarbanes-Oxley was passed in 2002, the role of internal auditors has grown immensely. First, the internal auditors need to have a cooperative relationship with the external auditors in order to ensure that all of the company’s financial information is reported correctly. Second, the internal auditors must conduct internal control reports which will help the company find deficiencies in their processes. Failing to complete these can result not only in our company not performing at the highest level possible
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Unformatted text preview: but also could return an unfavorable audit opinion from the external auditors. Finally, internal auditors must not simply focus on financial reporting controls and should heavily test operational controls as well. In this case, there are two departments with competing products and if the operations and processes were tested appropriately this overlap potentially could have never happened. Auditors also should work with lawyers to determine if there is a conflict of interest between these two departments. Schneider, Arnold. "The Roles of Internal Audit in Complying With the Sarbanes–Oxley Act." International Journal of Disclosure & Governance 6.1 (2009): 69-79. Academic Search Complete. Web. 16 Nov. 2011....
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This note was uploaded on 11/23/2011 for the course BLS 465 taught by Professor Herron during the Fall '11 term at Miami University.

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