Foster McKay’s Post

Internal Controls

Internal Auditor: is a professional responsible for evaluating and assessing an organization's operations, processes, and internal controls. The primary objective is to ensure that the organization operates efficiently, effectively, and in compliance with applicable laws, regulations, and internal policies. Internal auditors conduct independent and objective reviews to identify areas for improvement, mitigate risks, and enhance governance and accountability within the organization. Internal auditors report their findings and recommendations to the audit committee and the board of directors to support informed decision-making and continuous improvement efforts. #InternalAuditAwarenessMonth

An internal auditor does not necessarily need to be an expert in every area they audit, but they should have a strong understanding of auditing principles and practices, and a good grasp of the specific areas they are reviewing. Key qualities for an internal auditor include: 1. Strong Analytical Skills: The ability to analyze financial statements, processes, and systems to identify potential issues. 2. Knowledge of Internal Controls: Understanding how internal controls work and how to test them. 3. Professional Skepticism: Maintaining an objective and questioning mindset. 4. Continuous Learning: Staying updated with changes in regulations, standards, and industry practices. 5. Communication Skills: Effectively communicating findings and recommendations to management. While deep expertise in every specific area is not required, having a broad understanding of the organization and its operations is crucial. Specialized knowledge can be developed over time or supplemented with subject matter experts when necessary.

An internal auditor does not necessarily need to be an expert in every area they audit, but they should have a strong understanding of auditing principles and practices, and a good grasp of the specific areas they are reviewing. Key qualities for an internal auditor include: 1. Strong Analytical Skills: The ability to analyze financial statements, processes, and systems to identify potential issues. 2. Knowledge of Internal Controls: Understanding how internal controls work and how to test them. 3. Professional Skepticism: Maintaining an objective and questioning mindset. 4. Continuous Learning: Staying updated with changes in regulations, standards, and industry practices. 5. Communication Skills: Effectively communicating findings and recommendations to management. While deep expertise in every specific area is not required, having a broad understanding of the organization and its operations is crucial. Specialized knowledge can be developed over time or supplemented with subject matter experts when necessary.

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internal controls

Internal Auditor Planning and executing an internal audit – Guidelines. Internal Auditor Vision: Increase confidence in governance, among the various Stakeholders ||| Always, in any business: "Core" risk: - loss of customers, "churn". Without customers, there is no company. Without customers, there is no billing. Without invoicing, there are no amounts charged. Without amounts charged, there is no payment of salaries and dividends. Invoicing alone does not pay salaries, remuneration. #InternalAudit #InternalControl #InternalAudit #AuditWork #ElSamaryma #MamdouhElSamary #Audit #Auditing #Auditor #Risk #Customer #Auditing

An ideal and practical Internal Audit process