Implementation is only possible if the employees understand what is required of them and are acquainted with necessary materials on auditing standards. Auditing experts will then be engaged to evaluate the work of the internal audit staff to ascertain whether all standards have been conformed with. In areas where there has been failure of implementation, the staff responsible will be made accountable.
Implementation of the policies can also be done by ensuring that the management is charged with the mandate of facilitating the work of internal auditors in realizing their duties. Since the internal auditors are expected to offer their advice on the operation of a company, only the management is able to give full details of information that is essential in arriving at such recommendation Pickett, 2005.
The audit committee shall be made responsible for ensuring that the management fully cooperates with the internal auditors. The audit committee will be empowered to summon the senior managers and reprimand those who have failed to facilitate the make the internal audit function effective.
Finally, the staff of the internal audit department must be made to adhere to the rules and policies of the firms, as this is the only way in which the quality of their work will be sustained. The audit committee will be vested with the mandate of supervising the internal auditors and have the responsibility of punishing those employees who breach the code of objectivity and independence. Auditors who engage in collusion or who fail to do quality work will be subjected to company rules. In summary, implementation of responsibilities of internal auditors is indispensable in realizing effective findings.
Monitoring the implementation of selected polices
Implementation of the policies must be closely monitored to ensure that there are no deviations from the expected results. Continuous monitoring will ensure that factors that are likely to negate the outcome of internal audit work are detected in time and protect the company from pilferage of its resources. There are various ways in which the implementation is monitored to ensure the application of selected policies.
First, the management should ensure that they get timely and intermittent reports at particular times of their financial year. For instance, the auditors will be made to present their report to the management quarterly. Such action will make the application...
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