2019-01-25T09:30:11+00:00 Assignments

Discuss why the internal audit function’s organizational status, competence, and objectivity are particularly important when considering fraud by senior management?

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Internal Auditing (Reporting Fraud)

Internal Auditing (Reporting Fraud)

Question 1: Discuss why the internal audit function’s organizational status, competence, and objectivity are particularly important when considering fraud by senior management?

Question 2: Why might a CAE reporting directly to the CEO, general counsel, or controller be more problematic than reporting to the audit committee (or equivalent)

Sample Section of the paper

Internal Auditing (Reporting Fraud)

Question 1: Discuss why the internal audit function’s organizational status, competence, and objectivity are particularly important when considering fraud by senior management?

Internal Audit Functions are the internal checks and balances created by the organization to enable it to manage its operations better and with much more efficiency. Organization status refers to its position both in the market and in its industry. Competence and objectivity refers to both the history, the experience and the suitability of the senior management towards their roles. The competence focuses on their abilities, while the objectivity focuses on understanding their intentions (Gramling, Larry, and Karla 973).

The internal audit functions of the top management in an organization shows the firm’s ability to tackle the problems just as they arise while it creates some safety guards to prevent any loophole on likely fraud. Considering the internal audit function is the first step towards understanding how fraud occurred. Organization status is also a major focus towards comprehending the role of the management towards any sort of fraud. The conditions prevailing at the company and its capacity to cull fraud previously depicts much more of the management’s ability to use the resources they have for better management of their organizations. Organizations that have a high level of openness minimize room of fraud ever occurring. Closely linked to the organization status are the objectivity and competence, which are well substantiated as the notions and abilities. Organization Management that is well accommodative of new concepts such as change and who have been in an organization for a longer period are more likely to have the interest of the organization at heart if they have shown the capacity to set safeguards to prevent the firms collapse (Gramling, Larry, and Karla 973).
Question 2: Why might a CAE reporting directly to the CEO, general counsel, or controller be more problematic than reporting to the audit committee (or equivalent)?

When a CAE is reporting directly to the top management


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