12-30-2009, 04:18 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by wasim akram</i>
<br />Dear Awaisaftab,
Internal audit is based on management of risk.
Your topic is wide spreading and you have quite impresively and precisely commented on it. May I sugest you to interpret your topic in short segments. so that one can comment in short passage. It will save time(with excuses from my point of view) would be read and commented effectively. Subjective and objective rquirement of the topic should be identified. So one can understand quite in line with those of interpretor.
As far as your topic is concerned, It is my favourite becoz I spent almost 8 years at key post in globaly knowned group of companies. In the Element of Risk, I suggetn to add Dimension or Quantum of Risk. Remember Internal auditor is not the part of board of directors but allow Department of Internal Audit to check application of policies and procedures adopted by the board. An internal Auditor is supposed to look into the risks like ones own and suggest prudently managment of the risks without harrasment within the organization and so on .....
time and cost is again the greatest risk..............of my own.........till next.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Obviously Internal Auditor is not the part of Board of Directors. Howerver Code of Corporate Governance issued for the listed companies lays down that there should be effective coordination between Internal Auditor and the BOD. Under code 30 of CCG 2002
"The Board of Directors of every listed company shall establish an Audit Committee, which shall comprise not less than three members, including the chairman. Majority of the members of the Committee shall be from among the non-executive directors of the listed company andthe chairman of the Audit Committee shall preferably be a non-executive director. The names of members of the Audit Committee shall be disclosed in each annual report of the listed company"
Code 32 specifies
"The CFO, the head of internal audit and a representative of the external auditors shall attend meetings of the Audit Committee at which issues relating to accounts and audit are discussed.
Provided that at least once a year, the Audit Committee shall meet the external auditors without the CFO and the head of internal audit being present.
Provided further that at least once a year, the Audit Committee shall meet the head of internal audit and other members of the internal audit function without the CFO and the external auditors being present."
Under code 35 and 36 there should be an Internal Audit Function (Department) in each listed companies.
Audit committe of a listed company is responsible to ensure the effective implementation of internal audit function in the listed compan.
<br />Dear Awaisaftab,
Internal audit is based on management of risk.
Your topic is wide spreading and you have quite impresively and precisely commented on it. May I sugest you to interpret your topic in short segments. so that one can comment in short passage. It will save time(with excuses from my point of view) would be read and commented effectively. Subjective and objective rquirement of the topic should be identified. So one can understand quite in line with those of interpretor.
As far as your topic is concerned, It is my favourite becoz I spent almost 8 years at key post in globaly knowned group of companies. In the Element of Risk, I suggetn to add Dimension or Quantum of Risk. Remember Internal auditor is not the part of board of directors but allow Department of Internal Audit to check application of policies and procedures adopted by the board. An internal Auditor is supposed to look into the risks like ones own and suggest prudently managment of the risks without harrasment within the organization and so on .....
time and cost is again the greatest risk..............of my own.........till next.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Obviously Internal Auditor is not the part of Board of Directors. Howerver Code of Corporate Governance issued for the listed companies lays down that there should be effective coordination between Internal Auditor and the BOD. Under code 30 of CCG 2002
"The Board of Directors of every listed company shall establish an Audit Committee, which shall comprise not less than three members, including the chairman. Majority of the members of the Committee shall be from among the non-executive directors of the listed company andthe chairman of the Audit Committee shall preferably be a non-executive director. The names of members of the Audit Committee shall be disclosed in each annual report of the listed company"
Code 32 specifies
"The CFO, the head of internal audit and a representative of the external auditors shall attend meetings of the Audit Committee at which issues relating to accounts and audit are discussed.
Provided that at least once a year, the Audit Committee shall meet the external auditors without the CFO and the head of internal audit being present.
Provided further that at least once a year, the Audit Committee shall meet the head of internal audit and other members of the internal audit function without the CFO and the external auditors being present."
Under code 35 and 36 there should be an Internal Audit Function (Department) in each listed companies.
Audit committe of a listed company is responsible to ensure the effective implementation of internal audit function in the listed compan.
