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International Auditing - Case Study Example

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From the paper "International Auditing" it is clear that the concept on the environment and social auditing is embraced by company management for the purposes of ensuring that they meet regulatory requirements alongside perceived benefits that directly affect stakeholders. …
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International Auditing
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Download file to see previous pages The processes require timely, reliable and up-to-date information for the ultimate decision-making process. There is a need for adequate and efficient structures within organization governance and processes and this requires the involvement of qualified professionals capable of reviewing such processes. The internal audit function is considered as the preferable tool for monitoring of controls, evaluation of operational activities within management strategies and initiatives (Owusu and Frimpong, 2012).
External and internal auditing are considered a crucial means of independent verification that enables a reduction in errors associated with record-keeping, mishandling of business assets as well as fraudulent activities within organizations. Internal auditing is an independent activity within an organization that examines and evaluates the effectiveness of other control measures. The result of the audit provides necessary assistance towards effective execution of individual responsibilities, therefore, promoting effective control of costs. In this study, the focus is on social and environmental auditing, which ensures that all organizations give a report on their activities and associated impact on social and natural environments (Campel, 2009). Social and environmental reporting is considered part of a corporate financial report for the purposes of creating and maintaining societal legitimacy of organizations (Uwuigbe and Olayinke, 2011). Subsequently, the report ensures that organizations remain socially responsible besides gaining a competitive advantage. There exist three theories that safeguard perspective on the study of social and environmental accounting and auditing which include legitimacy theory, stakeholder theory as well as institutional theory. Legitimacy theory focuses on the social contract between the society and organization which emphasizes organization establishment based on market forces and community expectations. ...Download file to see next pagesRead More
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