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Internal Auditing and Internal Control reduces the financial risks in the business transactions of any organization and helps the organization to be disciplined and organized with clear policy matters. In briefthisinvolves everything that controls risks to an organization, adds value to improve productivity and hence, profitability. It only advises the governing body of an organization for the better way to execute their responsibilities. The professional of internal auditing works for government agencies, public treading companies, non-profitable or organizations etc. Their basic objective on which all the businesses striveare:
- Providing reliable financial management reports.
- Following the correct statutoryobligations.
- Proper protection of Assets
- Effectiveness of operations
- Protecting fraud audits
- Assess the reasons of financial loss
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Importance
Every business has some bars or limitations for their activities and operations viz.
- The control environment
- Risk assessment
- Risk focused control activities
- Information and communication
- Monitoring activities.
- The governing body of an organization is responsible to look after these critical issues for the betterment of society as well as whole economy of the country. The professionals who practice internal auditing and internal Control, verify at the time of auditing, weather these component are maintained by the management or not. So they are serving for the society as well as the whole economy.
- It plays an important role in detecting and preventing fraud protects the organization’s physical resources such as machinery and property, company’s reputation and trademark.
- It is a catalyst to improve an organization’s governance and risk management by which any organization identify and analyze and monitor strategic risk that may actually impact the organization’s potentiality and ability etc. To achieve its objectivesand missions.
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Hurdles
Doing homework or assignment on such a vast subject is not a joke. It deals with all the factor of accounting, economics and lots of variables. So, often students face problems. The subject is involved in several crucial factors like financial accounting, risk management, annual planning, internal audit reporting, etc. These are all very critical issues to learn. So students often require assistance for doing homework and I have already mentioned that myhomeworkhelp.com is the easiest way to get best internal auditing and internal control homework help.
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