The Role of Internal Audit Towards Audit Report Implementation Committee (ARIC)

[Ulysses Kwaku Nubueke]

AKorfa Ltd is a public institution which according to the current statutory provisions is to establish Audit Report Implementation Committee to see to the implementation of internal audit reports.

What role should the Internal audit Unit in Akorfa Ltd play before, during and after the setting up of the Audit Report Implementation Committee.

[Acid]

Internal auditors role in here is :

- to monitor effectiveness of internal controls
- check compliance with laws and legislations
- recommend internal control effectiveness.

These are just 3 of tonnes .

Regards

[Vanessa]

AKorfa Ltd is a public institution which according to the current statutory provisions is to establish Audit Report Implementation Committee to see to the implementation of internal audit reports.

What role should the Internal audit Unit in Akorfa Ltd play before, during and after the setting up of the Audit Report Implementation Committee.

Hi,

In addition to Acid's points, the scope of internal audit should include, but not necessarily be limited to:
1. review of reliability, integrity, adequacy, timeliness of the financial and operating information and also the mechanism employed for identifying, measuring, classifying and reporting such information

2. review of the system for ensuring that the assets of the entity are safeguarded from various losses like theft, fire, misappropriation etc.

3. determination of the effectiveness, efficiency and also the economy of the operations of the entity by carrying out value for money audit.

4. evaluating and improving the effectiveness of the risk management and Corporate governance mechanisms within the entity.