Internal and Operational Audit

In the past, internal auditing has concentrated almost exclusively on the internal control aspects of a business. This has led to an approach where an audit visit consists of a series of checks to ensure that procedures have been laid down and carried out in accordance with certain standards. Howeve...

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Bibliographic Details
Published in:Financial management (London, England) England), 1990-07, Vol.68 (7), p.56
Main Author: Cafferky, J J
Format: Magazinearticle
Language:English
Subjects:
Accountants reports
Auditing policies
Audits
Corporate objectives
Internal auditing
Internal controls
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Summary:In the past, internal auditing has concentrated almost exclusively on the internal control aspects of a business. This has led to an approach where an audit visit consists of a series of checks to ensure that procedures have been laid down and carried out in accordance with certain standards. However, the role of internal audit is increasingly being seen as far wider than just a checking function. Operational audit and value-for-money audit are terms often given to specific aspects of the internal audit function that relate not just to reviews of business procedures, but to in-depth analysis of business performance and efficiency. In companies that have adopted this approach, internal audit has become a positive influence to promote change within the company. It helps management to identify opportunities that relate to the achievement of business objectives. As internal audit moves closer to identifying with the overall business objectives, the nature and scope of audit work will change.
ISSN:1471-9185