Finlay & Associates Internal Audit & Risk Analysis

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Finlay Associates Internal Audit Risk
Analysis
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Internal Auditing Internal Auditing is an
independent, objective assurance and consulting
activity designed to add value and improve an
organization's operations.  It helps an
organization accomplish its objectives by
bringing a systematic, disciplined approach to
evaluate and improve the effectiveness of risk
management, control, and governance processes.
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Managers are responsible for designing control
processes that provide reasonable assurance the
following business objectives can be achieved

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• Effective and efficient operations
• Compliance with laws and regulations
• Reliable financial reporting

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Internal auditors evaluate how well the control
processes designed by managers function, and
therefore the extent to which managers can have
reasonable assurance business objectives will be
realized. The internal audit function reports to
top management and normally has direct
communication with the audit committee and the
board of directors. Because of their expertise
and thorough knowledge of operations, internal
auditors often fulfill a consulting role to top
management.
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Internal auditors should be independent of the
activities they audit. Internal auditors are
independent when they can carry out their work
freely and objectively. Independence permits
internal auditors to render the impartial and
unbiased judgments essential to the proper
conduct of audits. It is achieved through
organizational status and objectivity. Continue
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