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Internal Auditing, 4 questions - Essay Example

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Control environment: The attitude and actions of the board and management regarding the significance of control with in the organization. The control environment provides the discipline a structure for the achievement of the primarily objectives of the system of internal control.
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Internal Auditing, 4 questions
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Download file to see previous pages The complex activities are to be controlled by managements of the organizations, and in the case of companies, naturally the first target is the Board of Directors of such organization made responsible to formulate proper policies, to control the various activities, the organization carries our in different countries, with cross cultures , different moral values, and different customer loyalties. One can see Nescafe, Cadbury product, Lux , Colgate ,cocoa cola, Pepsi, Philips, Sony, Motorola, Toyota and a host of consumer products available through out the world, where customers vary, their cultures vary, but they are bound by these products, which speaks of their qualityThese products made their own language..
For making such universal names, just like the saying that behind every successful man there is a successful woman, behind every successful organization, definitely there is a sound, solid, successful management structure with reliable management principles and policies, to operate their businesses across globe. These managements are successful, because of their management policies, which involve various control systems. Managements strength lies in the policies, they frame, and implementation of those policies, by establishing, various controls, at different levels of management.
The first in the management hierarchy, na...
Organisation structure --Controlenvironment basically includes the organization structure it self.
Management's processes involve planning, organising, and directing the business activities, with the assistance of sound management structure.
Different levels of management means-- Management by Board and its subcommittees, top management teams, middle and or functional management teams, operating or supervisory management teams.
Boardand StrategicTop Management
Middle or Functional Management
Operating or Supervisory Management.
The first in the management hierarchy, namely the board and top strategic management , formulate (i) the vision, (ii) mission, (iii) objectives of the organization,(iv) long term strategic plans ( ranging from 2 to 5 years period)and approve the plans and strategies prepared by other management structures. Functional management prepares strategiesandshort term plans ranging for six months to a two -year period. Operating management prepares operating plans and operating strategies that will range from one week to six months period. All these plans and strategies should be falling with in the top management plans and strategies. Once they are implemented in true spirit, the organization gives excellent results in all directions. But it is not so simple in the present day organisations.
Organisation should have proper control systems in place, and internal audit activity exists to give reasonable assurance to the management that the control environment exists, andcontrol systems established by the management are efficient, effective and economical.
Assignment of Authority and responsibility-- Managements function throughby fixing responsibilities on the individual mangers, and ...Download file to see next pagesRead More
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