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Essay / Research Paper Abstract
This 8 page paper looks at the concept and practice of internal audit in the public sector, discussing why internal audits are undertaken, what they measure, who performs them, the approaches which can be adopted and the direct and indirect impacts that internal audits can have on an organization operations and performance. The bibliography cites 14 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TEintaudit.rtf
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Unformatted sample text from the term paper:
years the audit function has been an important element of this accountability, used to monitor performance and to find ways to increase performance. Auditing in the government and its ministries
or bodies covers a broad range of activities, the internal audits concern the government and its ministries whereas audits of the legislature are external audits (Diamond, 2002; 4). The traditional
purpose of an audit is to ensure that the public funds given to the individual ministry or body are being utilised in compliance with the relevant regulations, which can also
include a compliance audit and that they reported use of the funds is presented fairly and accurately which is a financial audit (Diamond, 2002; 4). Internal auditing takes place in
both the public and the private sectors, there commonalities and differences in the way that they manifest within these variant environments. In a commercial or private sector internal audits are
viewed in a different way, with internal audits within the commercial sector more likely to be utilised to find cost reductions and a lesser level of reporting by the internal
auditors to the chief financial officer (Goodwin, 2004; 640). In the public sector the internal audit the undertaken with many of the same activities to monitor and assess performance, it
is more likely that the task will be outsourced to an external auditor and the general approach is that of accountability rather than costs anything (Goodwin, 2004; 640). Despite this,
many of the tools utilised within the internal audit will be the same in the public sector when compared to the private sector (ACCA, 2007; 7, Havers, 1998; 42). This
internal audit is being utilised as a tool of accountability, or the alternate model of the internal audit being used as a tool to indicate areas of potential service improvement,
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