Internal Audit Deparment Background description about TJX Company - Essay Example

Similarly, the audit department is involved in making optimal recommendations on the improvements that should be established to the senior management and audit committee. The audit director of TJX reports to John Caban in updating him on the auditing process and plans that need to be implemented (TJX.com, 2). John Caban is supposed to report to the CFO of TJX company who is known as Scott Goldenburg. In addition, Caban is responsible of approving the audit plan prepared by the audit department.

Similarly, the chief audit chief is responsible of updating the audit department of the organization through the quarterly reports during the regular meetings held in the organization (TJX.com, 1). One of the aspects that have enabled the auditing department of TJX organization to expand significantly in the past is the close relationship it has developed with the management. The management of the organization usually requests the audit department to undertake special auditing apart from the routine audits to measure the compliance level of the organization.

This has enabled the department to comply with the established accounting regulations, financial and operational audits. Consequently, the objective of the TJX auditing department is to conduct accounting audits that are independent and designed to test compliance to the procedures and policies. In addition, the department goal is to ensure the control standards and securities are complied in the financial reporting of the various transactions encountered in the organization. Similarly, the auditing department helps the management of the company in meeting the internal control objectives of the organization.

Owing to the numerous objectives and responsibilities that the audit department of TJX is expected to meet, a number of operation scope have been established to ensure the audit department improves the financial reporting of the organization. One of the capacities the auditing department is supposed to undertake is to review the integrity and reliability of the operational and financial information provided. In addition, the department is supposed to review the various means that can classify, report, and measure the financial and operational information provided by the various departments.

Another scope of the department is evaluating the systems that have been established in ensuring that plans, laws, policies, regulation and procedure compliance that can affect the operation of the organization. Similarly, the auditing committee of the organization undertakes a review on the various means that can secure vital organization assets like computer data and investigating if the data is in existence. Furthermore, the department evaluates the efficiency, security and control of the IT system investment to ensure it enables the organization to comply with the established procedures.

In addition, the auditing department reviews and appraises the efficiency and economy in the utilization of the available resources. Moreover, the department evaluates the certainty of the financial results in determining they are consistent with the founded goals and objectives. Accordingly, the auditing department of TJX Company has been able to ensure the financial and accounting reporting complies with the founded regulations, laws and policies. Audit Staff Description The auditing