Through the establishment of a clear structure, recommendation of the internal audit team will be implemented and hence the company will realize improved performance. To ensure that the internal auditing standards and other auditing standards are upheld, the company must come up with a way of continuously ensuring their internal audit staff attend conferences where training on standards are done. Implementation is only possible if the employees understand what is

The amount and complexity of information created and overseen by the auditors in terms of expenses, earnings, and taxes will also increase. The ongoing growth of global organizations is also demanding greater auditing expertise concerning international laws and trade in addition to international mergers and acquisitions. Following Enron and the other financial scandals, Congress passed laws to curtail organizational accounting fraud. This legislation requires public companies to maintain established internal

Internal Audit Can Improve Social Media Risk Management in Financial Institutions Internal audit in social media risk management for financial institutions In the wake of the competitive financial service industry, the financial institutions are increasingly adopting technological advancements to engage, acquire, attract, and retain customers. The recent developments in the information technology sector are the social media platform, which is growing at a fascinating pace. Institutions, businesses and other organizations continue

Audit in Risk Management Agelova, B., Koleva, B. (2015). The role of internal audit in risk management system of the companies. Economic Development, 3: 1-10. This study shows that the purpose of the internal audit is increasingly oriented towards mitigating risk so that the firm in question can reduce uncertainty and exercise adequate, effective and appropriate decision making processes. The focus of the study is, therefore, on the internal audit aspect

One of the most significant disadvantages, and potentially dangerous aspects, to outsourcing is the transfer of sensitive data, according to Klosek. Auditing outsourcers may subcontract their services, unless it is specifically stated in the contract that they cannot do so without the organization's consent. If subcontracting does occur, and is not provided for in the contract, the outsourcer may not be liable for functions that were subcontracted. However, just as financial scandals

Apollo Shoes, Inc. Internal Audit has completed a review of the Apollo Shoes Corporation in conformity with the fiscal year 2005-2006 plan and as advised by the Sarbanes-Oxley federal requirements. The objective of this review was to contribute to the improvement of risk management and the control systems within the Apollo Shoes Company by identifying and evaluating the company's exposures to risks and the controls designed by management to reduce those