The Core Responsibilities of Internal Audit

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Having a business that comes with a larger transactions, profit and investments is risky. There is such factors that may affect stability of business. It is primarily to financial status because of different risk that may happen to certain company.

Internal Auditor is the company’s watcher on all transactions most especially in financing. It plays the most hardest role because they must have to carry the burden and loss of all profit. So, there is such different tasks that may have to maintain by an Internal Auditor. They must have enough knowledge in carrying values and it must be under the supervision of law. The following are different core tasks and commitments of Internal Auditors.

Identify Risk

Once there is a little discrepancy, changes and untraceable transaction in company may it cause bigger problem. It is the starting point of fraud cases which can lead to bankruptcy.  So it is their responsibility to identify and trace in advance the possible risks that may affect financial status.

Provides Resolution of Risk

It all starts from the evaluation to set the objective effectively. This is to anticipate future concerns and insights to provide resolution. It is essential to asses risk management culture so they must have controls in advising managers at all levels. So they should review all working techniques of each division in the organization and urge to improve it.

Provides Affirmation

Internal Auditor must give an assurance in able to attain and maximize all resources. It comes from ensuring the avoidance of duplication and discrepancy of every transactions.