Internal Auditing, 4 questions Essay Example | Topics and Well Written Essays - 2000 words

Internal Auditing, 4 questions - Essay ExampleThe complex activities are to be controlled by counselings of the organizations, and in the case of companies, naturally the first target is the Board of Directors of such organization made responsible to vocalize proper policies, to control the various activities, the organization carries our in different countries, with cross cultures , different moral values, and different customer loyalties. One can see Nescafe, Cadbury product, Lux , Colgate ,cocoa cola, Pepsi, Philips, Sony, Motorola, Toyota and a host of consumer products available through show up the world, where customers vary, their cultures vary, but they are bound by these products, which speaks of their qualityThese products made their own language..For making such universal names, on the dot like the saying that stinkpot every successful man there is a successful woman, behind every successful organization, definitely there is a sound, solid, successful focus structur e with reliable steering principles and policies, to operate their businesses across globe. These managements are successful, because of their management policies, which involve various control systems. Managements strength lies in the policies, they frame, and execution of those policies, by establishing, various controls, at different levels of management.The first in the management hierarchy, na... Organisation structure --Controlenvironment fundamentally includes the organization structure it self. Managements processes involve planning, organising, and directing the business activities, with the assistance of sound management structure.Different levels of management means-- Management by Board and its subcommittees, top management teams, middle and or federal agencyal management teams, operational or supervisory management teams.Boardand StrategicTop ManagementMiddle or Functional ManagementOperating or Supervisory Management.The first in the management hierarchy, namely th e board and top strategic management , germinate (i) the vision, (ii) mission, (iii) objectives of the organization,(iv) long term strategic plans ( ranging from 2 to 5 years period)and approve the plans and strategies prepared by new(prenominal) management structures. Functional management prepares strategiesandshort term plans ranging for six months to a two -year period. Operating management prepares direct plans and operating strategies that will range from one week to six months period. All these plans and strategies should be falling with in the top management plans and strategies. Once they are implemented in true spirit, the organization gives excellent results in all directions. But it is not so simple in the present day organisations.Organisation should arrest proper control systems in place, and internal audit activity exists to give reasonable assurance to the management that the control environment exists, andcontrol systems established by the management are efficie nt, effective and economical. Assignment of Authority and responsibility-- Managements function throughby fixing responsibilities on the individual mangers, and