StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Nobody downloaded yet

Extent to Which Firms Communicate Their Business Strategy with the Internal Audit Department - Research Paper Example

Cite this document
Summary
According to Simone and Brown (2010), the over -increasing competition within the global business environment has significantly affected the role of internal audits within organizations. As a result, internal audit systems should follow business evolution by remaining…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER96% of users find it useful
Extent to Which Firms Communicate Their Business Strategy with the Internal Audit Department
Read Text Preview

Extract of sample "Extent to Which Firms Communicate Their Business Strategy with the Internal Audit Department"

Download file to see previous pages

The paper “Extent to Which Firms Communicate Their Business Strategy with the Internal Audit Department” is an excellent example of a finance & accounting research paper. According to Simone and Brown (2010), the -increasing competition within the global business environment has significantly affected the role of internal audits within organizations. As a result, internal audit systems should follow business evolution by remaining flexible and by adjusting their function to the evolving business strategies.

In the words of Trenary (1999, p. 266), as defined by the Institute of Internal Auditors in their 1995 statement of standards for the professional practice of internal auditing, internal audit refers to an ‘independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization’. Internal auditors assess and report various issues such as compliance, risk management, and internal control deficiencies directly to the audit committee which has been appointed from the board of directors.

In terms of its strategic direction, Picket (2011) suggests that internal audits must be linked to the company’s strategic process in order to contribute to the achievement of the company’s strategic objectives and goals. In addition, Kagermann et al (2008, p. 22) state that an ‘internal audit’s objectives and activities must be aligned with the strategic objectives of the organization’. Moreover, Watts (2014) supports that internal audits should adopt and integrate the strategic planning process in order to be able to perform adjustments into strategic processes.

In other words, various researchers support that a successful internal audit process must be clearly aligned to the strategic plan of organizations. On the other hand, some researchers’ support opposed arguments regarding the strategic role of an internal audit. Bhandari and Verma (2013), argue that internal auditors should not be involved in the strategy formulation as well as implementation as these processes refers strictly to executives, middle managers as well as other external and internal consultants.

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(THE CONTRIBUTION OF INTERNAL AUDIT TO THE STRATEGIC OBJECTIVES OF Essay, n.d.)
THE CONTRIBUTION OF INTERNAL AUDIT TO THE STRATEGIC OBJECTIVES OF Essay. https://studentshare.org/finance-accounting/1867912-the-contribution-of-internal-audit-to-the-strategic-objectives-of-organizations
(THE CONTRIBUTION OF INTERNAL AUDIT TO THE STRATEGIC OBJECTIVES OF Essay)
THE CONTRIBUTION OF INTERNAL AUDIT TO THE STRATEGIC OBJECTIVES OF Essay. https://studentshare.org/finance-accounting/1867912-the-contribution-of-internal-audit-to-the-strategic-objectives-of-organizations.
“THE CONTRIBUTION OF INTERNAL AUDIT TO THE STRATEGIC OBJECTIVES OF Essay”. https://studentshare.org/finance-accounting/1867912-the-contribution-of-internal-audit-to-the-strategic-objectives-of-organizations.
  • Cited: 0 times

CHECK THESE SAMPLES OF Extent to Which Firms Communicate Their Business Strategy with the Internal Audit Department

Knowledge Management, Information Systems, and Organizations

This assignment "Knowledge Management, Information Systems, and organizations" seeks to inform the Finance Director that an information audit is critical to the organization's IS.... According to Petrides (2004), such technology-focused problem-solving strategies may in fact do the opposite, which is to prevent organizations from successfully capitalizing on their use of technology because they tend to overlook organization-wide symptoms.... According to Streatfield and Wilson in Henczel (2000), only the information about the knowledge possessed by people in organizations can be managed....
11 Pages (2750 words) Assignment

Organization Analysis Paper

Nivea strategic planning is an effective link between a number of traditional planning processes and budgeting.... A strategic plan, like any planning process, describes future action but is not time-dependent.... Some strategic issues are critical today and must be dealt with immediately (Rachlin, 1998).... trategic planning and budgeting reflect mission statement of the company and its strategic goals....
16 Pages (4000 words) Essay

Internal Audit and Corporate Governance

Although, internal auditors are part of company management and are paid by the company, but the most important client of internal audit activity is the body charged with supervision of management's actions.... First and fore mostly, it begins with establishing and sharing the degree and purpose for the audit to appropriate management.... The purpose of this report is to look into the broader field of auditing by concentrating on internal audit and its part in corporate governance....
10 Pages (2500 words) Essay

The strategic objectives of organizations

The aim of this paper “The strategic objectives of organizations” was to evaluate the contribution of an internal audit to the strategic objectives of organizations.... This then enables the organization to better assess and mitigate the strategic risks.... Overall, the internal audit function through open communication with the risk management department and the strategic department as well as other departments in the organization, control the risk level of the organization and report on impending risks....
7 Pages (1750 words) Dissertation

Investment Portfolio: Volunteers of America

This is the annual costs of volunteer support.... To find the number of volunteers that will be support by the new project (Volunteer Foundation UK), it is important to estimate the.... ... ... The paper "Investment Portfolio: Volunteers of America" is a great example of a case study on finance and accounting....
11 Pages (2750 words) Case Study

How to Synergize the Works of Internal Auditors and External Auditors

To achieve the objectives of the research, secondary sources were used to obtain data.... 20) defines an audit to be a planned, documented activity that is done in order to determine the adequacy and compliance with established or standard procedures.... This research paper 'How to Synergize the Works of internal Auditors and External Auditors' explores how to synergize the works of internal Auditors and External Auditors in listed companies....
14 Pages (3500 words) Research Paper

Internal Audit Resources

For purposes of best examining the relationship between corporate governance and internal audit diachronically, this investigation extends to a historical and after scrutiny of internal audit accomplishments.... Though internal audit is part of a company management and is paid by the organization, the chief client of internal audit operation is the entity tasked with management's activities oversight.... This paper 'internal audit Resources' aims at examining the interaction between several factors of corporate governance like the audit committee, the internal audit process, board of directors, the audit committee....
9 Pages (2250 words) Research Paper

The Contribution of Internal Audit to the Strategic Objectives of Organization

The paper 'the contribution of internal audit to the strategic objectives of Organization' is a breathtaking example of a finance & accounting literature review.... The paper 'the contribution of internal audit to the strategic objectives of Organization' is a breathtaking example of a finance & accounting literature review.... The role of internal audit is not only to find the gaps in the process but also give the functions a space to modify in accordance to market and changing....
18 Pages (4500 words) Literature review
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us