Bus 426 - Chapter 24

2 Pages

Business Administration
Course Code
BUS 426
Michael Favere- Marchesi

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Chapter 24 -Assurance Services: Internal and Government Nature of Internal Auditing  The Institute of Internal Auditors (IIA): An organization for internal auditors that establishes ethical and practice standards; provides education, a professional exam, a profession designation o Most important qualities of an internal auditor: Independence and Competence  Standards for the Practice of Internal Auditing: Guidelines issued by the Institute of Internal Auditors, covering the activities and conduct of internal auditors  Relationship between Internal and External Auditors o External can rely on internal auditors if they are found reliable, which reduces the amount of testing needed and the fees  Internal auditors engage in Operational Auditing: The review of an organization for efficiency and effectiveness. The terms “management auditing”, “performance auditing”, and “operational auditing” are often used synonymously o Value-For-Money Auditing: A public sector that considers the efficiency and effectiveness with which an entity’s operations are conducted o Effectiveness: The degree to wh
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