internal audit

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in·ter·nal au·dit

(in-tĕr'năl aw'dit)
An assessment of records and data in a business or professional organization by an employee of that organization to verify that documentation and operations are accurate and legal.
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Partly in response to the demands of Sarbanes-Oxley, and partly to bolster overall IT skill sets, beginning in 2004 Baxter increased its internal audit staff from I8 to more than 30.
In all, the internal audit staff will grow from 21 to 44 people, allowing the agency to conduct the kinds of operational reviews that numerous outside firms have done in recent years and to check vendors' qualifications before they are awarded lucrative contracts.
Practices regarding assignment of internal audit staff to audit projects;
There appears to be no relationship between the point at which the tax department becomes involved in decision-making and whether a company's internal audit staff audits compliance with tax policies (Table K in the Appendix).
The company disclosed plans to expand its current staff of 4 internal auditors, adding additional internal audit staff by the end of 2011 as it continues to build out its internal audit program.
The audit recommended that internal audit of the departments be beefed up, internal audit staff be trained in modern auditing techniques, long standing court cases be pursued vigorously, periodic review of internal controls be carried out and recommendations of internal audit and statutory audit be implemented in letter and spirit.
A measure of internal audit staff quality is the degree to which the function is seen as a source of talent for other parts of the organization.
The academy offers continuous professional education, with broader objectives to promote innovation, intellectual curiosity and cultural diversity among internal audit staff.
A survey of 358 companies by Verschoor (1992) reports that the proportion of audit committees that have reviewed an external evaluation of internal auditing during the previous two years ranged from 8% in corporations with a small internal audit staff to 26% in corporations with large internal audit staffs.
The most significant proposals include increasing the core skills of the general internal audit staff to understand the risks of auditing technology, to acquire more sophisticated technology tools to address technology risks, and to increase reliance on third-party experts.
Monitoring: In the past, monitoring internal controls was a function of the internal audit staff at large corporations.

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