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Internal auditor in a company - Essay Example

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It is imperative for companies to have clean accounting records due to the fact that stakeholders expect financial statements that are free of fraud and material error.At first glance it is apparent that organization has an accounting system that is out of control…
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Internal auditor in a company
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Internal auditor in a company

Download file to see previous pages... Your organization must prioritize fixing the accounting flaws in the system because the Sarbanes Oxley Act of 2002 has raised the accountability of executive managers. The company needs a professional assessment of its internal control deficiencies. The firm must hire an internal auditor as soon as possible to evaluate the firm’s accounting system and recommend corrective actions. “The Institute of Internal Auditors defines internal audit as an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations” (Menk). During the past decade the auditing field is growing in demand due to new regulations such as the Sarbanes Oxley Act which have raised the bar for accounting professionals. Section 404 of the Sarbanes Oxley Act mandates that all public companies establish internal control mechanisms and procedures” (Searchfinancialsecurity, 2011). These mechanisms must be tested on a recurrent basis for accuracy and effectiveness. The best person to put in charge of this task is an internal auditor. Due to the fact that the company must continue the internal auditing process year long it is cheaper for the company to hire an internal auditor full time than to outsource the work to another accounting firm. ...Download file to see next pagesRead More
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