OBJECTIVES OF INTERNAL AUDIT:
• To get reasonable assurance that the company's financial statements are free from any materials misstatement (i.e., no fraud or significant error has been detected.
• To ensure that each audit is characterized by the following principles: independence, objectivity, competence, confidentiality, and professionalism.
• To give management the confidence that the financial and management reports it receives are reliable, accurate complete, properly documented, and are in conformity with applicable standards and law.
DUTIES AND RESPONSIBILITIES;
Internal audit is an independent and systematic examination involving detailed investigations of balance sheet, income and expenses accounts, as well as accounting records such as sales, purchases, cash receipts and disbursement, etc.
A. Assistance to the Internal Auditor
• In general, to help the Internal Auditor plan and execute the continuing audit of company's financial records. This may include researching applicable regulations; preparing audit working papers and schedules; testing transactions and balances; verifying documents and evidence; identifying and communication audit issues; and drafting audit reports and recommendation.
B. Internal Auditing Tasks
1. Perform analytical review of accounting records, vouchers, schedules, details of accounts, financial reports, account reconciliations, etc.
2. Organize audit results and highlight points requiring attention and/or more detailed investigations.
C. Administrative Aspect of Internal Audit
1. Know more and get familiarized with internal audit, auditing standards and regulatory requirements applicable to the company's business and accounting operations.
2. Maintain accurate records of all internal audit work done( e.g., audit plans, working papers, finding and recommendations, reports to the management, etc.)
3. Ensure that all audit documentations is thorough, organized, up-to-date and easily accessible.
D. Qualitative Requirements of an Internal Audit Assistant
• Strong analytical, communication, problem-solving, and organization skills.
• Great attention to detail, accuracy, and ethics.
• Demonstrated ability to work under pressure.
• passion for precision.
• Adeptness at conducting thorough audits and risk assessments to verify the authenticity and compliance of financial transactions.