ADMS 4515- Final Exam Guide - Comprehensive Notes for the exam ( 31 pages long!)

• School: York University
• Department: Administrative Studies
• Course: ADMS 4515
• Professor: Anastasios Chatzidimos

Document Summary

~ independent, objective assurance and consulting to add value to a firm. Service to management (identify vulnerability and mitigation) Need effective risk management, control and governance processes. Why have internal audit : bridges gap between management and the board, assesses ethical climate. Evaluates and reports efficiency and effectiveness of operations: acts as safety net for compliance with policies and regulations. Want to add value by providing assurance and consulting services. Integrity (honest, diligent and responsible, adhere to legalities) Objectivity (unbiased [presumed], full disclosure, no gift acceptance) Confidentially (protect corporate privacy, avoid personal gain) Competence (adhere to is for auditing, have necessary skills) A: examining evidence to provide assessment of governance, control and risk management. C: advisory and (customer) service activities aimed to add value and improve a fir(cid:373)"s governance, control and risk management. Governance: i(cid:374)(cid:448)ol(cid:448)es relatio(cid:374)ships (cid:271)et(cid:449)ee(cid:374) a fir(cid:373)"s (cid:271)oard, (cid:373)a(cid:374)age(cid:373)e(cid:374)t a(cid:374)d stakeholders.