ROLES AND RESPONSIBILITIES OF INTERNAL AUDITOR

One thing which the internal audit rarely do is the development of policy and assessment of risk so as to maintain objectivity.This for sure is the role of the directors and those charged with governance.So what do they do?Remember from the definition internal audit is an appraisal and monitoring activity established as a service to the entity to examine ,evaluate and report to management on the effectiveness of the accounting function and internal control systems.The definition itself says it all in my opinion.They are there to manage the risk.They do monitor management policy and strategy implemented to ensure that they operate effectively.To be precise one of the most important risk management policies in companies is internal control.it is the role of the internal audit to assess ,monitor and test the effectiveness of internal controls therefore providing obviously limited assurance to management that systems in departments do meet the objectives and operate effectively .

They are also required to liaise with external auditors on required information pertinent to the external audit .For example providing explanations on internal audit reports,ensuring access to internal records as required by the audit committee,the internal auditors play a very key role in that process.

Thank you for posting the question.The tutor will come and correct any wrong information but these are my findings in my studies so far.