Internal Control

Question 1

Detection and correction of errors and deficiencies by Internal Users

Answer 1

An internal auditor is employed to give independent, objective assurance and consulting designed to add value and improve the business’ operations.

Question 2

Internal auditors analyse the buisness’s

Answer 2

Internal auditors analyse the business’s processes, procedures, and activities to investigate whether there are any problems that are causing the business to operate less efficiently. The internal auditors then report to the management of the business, highlighting problems and giving recommendations.

Question 3

Internal auditors task include:

Answer 3

Checking that the business is complaint with laws/regulations
Investigating any fraud
Checking the reliability of financial reports
Checking safeguards are sufficient

Question 4

What are internal auditors?

Answer 4

Internal auditors are independent and use a systematic, disciplined approach to add value and improve and organisation’s operations. Internal auditors evaluate and improve risk management and control processes.