audit function the Institute of internal auditors in UAE says that internal audit is a dynamic profession involved in helping organisations achieve their objectives it is concerned with
evaluating and improving the effectiveness of risk management control and governance processes in an organisation so really what that’s about is making sure that the financial operating strategic processes of the firm are being adhered to and there is also the potential to give advice in this Articles
I’m going to represent internal auditors and external auditors with the same symbol here the person symbol but I’m going to denote them by different colours the external auditors are going to be green and the internal auditors are going to be purple where does this come from well historically before the days of photocopy is when internal auditors and external auditors checked client documentation and
added their tick and check marks they did them directly on the heighth documents now the external auditors would do their check marks in green and the internal auditors would do their check marks in purple so in homage to that long-forgotten manual tradition we’re going to actually use green people for the external auditors and purple people for the internal auditors
well there are many things that are the same for example both internal auditors and external auditors examine financial information for its appropriateness and accuracy they both look at systems of internal control to make sure that policies procedures and processes are
being followed within the organization both should follow systematic and objective processes in planning out their work they both have to gather evidence and make conclusions
another thing that’s the same is that internal and external auditors both should report to the Audit Committee remember the Audit Committee is a subset of the Board of Directors comprised of independent directors only this means that both the external auditors and internal auditors can go to the Audit Committee with any concerns they have if they find issues with the Financial Controller or
the chief financial officer there’s no threat of losing their job or being removed as the auditor because they talk directly to the Audit Committee this independence is really important because remember independence is the cornerstone of audit now I’ve talked about things that are the same but what things are different well our internal auditors work all year round they’re working through one not 365 days a year but they’re working all year round evaluating all sorts of different parts of the organization
external auditors however have responsibilities to audit their annual financial report and most of the time also conduct a review of the interim report that means that they’ll be in and out of the company throughout the year but it’s not a process of continual evaluation and examination the internal auditors also examine compliance with laws and regulations that could be anything from superannuation to occupational health and safety or environmental protection
they might also look at key social and ethical issues such as the gender pay gap equity and diversity reporting organizational culture carbon emissions and carbon neutrality so the internal auditors have quite a much broader remit and role and responsibilities but there also looking at that financial information in the same vein as the external auditors
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