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Institution Internal and External Financial Audits

Internal Audit

The goal of an internal audit is to ensure institution policies and procedures are followed and to alert management of gaps in policy compliance. The internal audit process can be done with internal resources i.e., institute employees of the Balaji institute of Technology.

Purpose

It is the policy of the Board of Trustees to maintain an independent and objective Internal Audit function to provide value-added audit and advisory services to Balaji Institute of Technology and Science.

Responsibilities
  1. Financial and Management Information Integrity - Provides the Board of Trustees and senior management with increased assurance that financial and other management information is accurate and credible.
  2. Internal Control – Monitors and evaluates the effectiveness and efficiency of the Institute's internal control environment and processes.
  3. Operational Improvements - Evaluates operations to identify process-improvement and cost-savings opportunities for management action, and assists in communicating and implementing best practices within and between departments on campus.
  4. Audit Coordination - Coordinates internal audit programs with the external auditors to ensure the economical and effective completion of the annual audit of financial statements.
Authority

In carrying out its duties and responsibilities, Internal Audit will have full, free, and unrestricted access to all activities, records, property, and personnel that are under the purview of the Board of Trustees.

Internal Audit shall be independent of the activities audited and shall assert no direct responsibility or authority over activities reviewed. Internal Auditors should not develop and install procedures, prepare records, or engage in activities that would normally be evaluated by Internal Audit.

Procedures

Internal audits are performed in all significant areas of the institute and are prioritized according to a risk-based audit plan that is approved annually by the Audit and Compliance Committee of the Board of Trustees.

Organization

Internal Audit reports functionally to the Chairman of the Audit and Compliance Committee of the Board of Trustees for Finance and Administration.

Professional standards and code of ethics

Internal Audit subscribes to and intends to comply with all applicable professional standards and codes of ethics, including the Institute of Internal Auditors' "Standards for the Professional Practice of Internal Auditing."

External Audit

A qualified independent auditor will perform an annual audit of the Institute’s books of accounts, accounting procedures, and principles. Consistent with the Board Policy and given the critical nature of external auditing, the selection, award, and management of the external audit should be undertaken in such a manner that:

  1. Clearly identifies the scope of the engagement, the services desired, and sufficient, relevant information about the institution.
  2. Provides for open and fair competition consistent with the procurement policies.
  3. Establishes appropriate criteria related to cost, service, and experience for the evaluation of audit service providers’ proposals and qualifications.
  4. Outlines agreed-upon terms of the audit engagement in a written document.
  5. Provides opportunities to assess the Auditor’s performance and communicate that assessment before the next audit cycle.
Purpose

An external audit report provides "full assurance" to investors and financial market participants that a Institute's accounting records are "fair," complete and in adherence with generally accepted accounting principles, industry standards and regulatory requirements. "Full assurance" means investors are confident that external auditors reviewed a company's processes or controls in detail, and that audit results are correct. "Fair" means objective or accurate in audit parlance. Complete financial statements include a balance sheet, a statement of profit and loss, a statement of cash flows and a statement of owners' capital.

Responsibilities

Providing an Opinion on Financial Statements - External audit firms are responsible for providing reasonable assurance that the financial statements are free from material misstatements and prepared according to an accounting framework.

Understanding the Entity and Its Environment - External auditors are charged with obtaining a through understanding of your work environment, operations and internal controls. To do this, auditors will perform an initial risk assessment.

Obtaining Sufficient Evidence to Form an Opinion - External auditors base a huge portion of their opinion on the evidence they examine during the audit. To ensure they've collected the sufficient amount of evidence, auditors should rate the riskiness of your enterprise.

Independence from Clients

The audit firm is responsible for maintaining an independent attitude and an appearance of independence from your business. A lack of independence means that the auditor might fail to address audit problems, which lowers the credibility and assurance of an external audit.

Authority

External auditors are authorized by law to examine and publicly issue an opinion on the reliability of corporate financial reports. Auditor performs an examination with the objective of issuing a report containing an opinion on a client's financial statements.

Procedures

The audit may be focused on the structure and propriety of the company’s finances, legal and ethical compliance with legal and industry standards as they relate to operational procedures, or an evaluation of the human resource compliance of the corporation. An external audit is always conducted by a party that has no personal or financial interest in the company or its operations. Regardless of the type of external audit involved, there are a few essential processes that will always be involved.

Organization

Audit procedures refer to the steps undertaken by an auditor to achieve the specific objectives of an audit when conducting the fieldwork phase of the audit. These objectives include ensuring the organization's risks are identified and managed effectively, ensuring that employees comply with the organization's regulations and policies and that the assets of an organization are acquired properly and used efficiently.

Professional standards and code of ethics

The Code of Ethics is a statement of principles and expectations governing behaviour of individuals and organisations in the conduct of internal auditing.

Integrity - The integrity of internal auditors establishes trust and thus provides the basis for reliance on their judgement.

Objectivity - Auditors exhibit the highest level of professional objectivity in gathering, evaluating, and communicating information about the activity or process being examined. Internal auditors make a balanced assessment of all the relevant circumstances and are not unduly influenced by their own interests or by others in forming judgements.

Confidentiality - Internal auditors respect the value and ownership of information they receive and do not disclose information without appropriate authority unless there is a legal or professional obligation to do so.

Competency - Internal auditors apply the knowledge, skills and experience needed in the performance of internal auditing services.