what is the role of an internal auditor in corporate governance issues?

Question

Corporate governance guidelines/ principles in parastatals are not being observed.

Answer 1

ooooooooooooohhhhhhhhhhnnnnnnnnnnnnnnoooooooooooooo business speak at this time of day ahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Answer 2

I am an independant external auditor working for a large multi national private company. I assume you mean corporate governance(c.g) as applied to the U.K.The E.U. member countries have more rules on top of those that are applicable just for the U.K.After the fallout of the Enron scandal in the U.S. the American government introduced a set of regulations on company governance.For an internal auditor the reports on c.g. are just more red tape to contend with,though after our own financial scandal of the Barings Bank collapse and the Robert Maxwell pensions grab some of this extra "red tape" is justified.From my own perspective i wouldn't say that auditor feels significantly strengthened by the growth of c.g. on the role of auditing but if you were to read the recommendations of the greenbury report and Lord Frazer's comments over the objectivity of the Turnbull report that might help you in your quest.

Answer 3

The role of int audit is simply to look at the processes and governace that has been put in place and select sample documents and transactions to ensure these policies and processes have been followed accordingly. If descrepancies are found these are reported and suggestions made to bring into compliance.
With Sox issues of late these checks have been stepped up considerably.... Enron being a key example of where int audit and compliance checks were not affective.

Answer 4

corporate governance is a fancy way of bosses telling you what to do. If you're not doing what i wanted you to do then you are not following corporate governance. Only senior to very high management get to dictate this.

When they've planned out what needs to happen and the rules that everyone needs to play by and the results aren't happening then they send in an auditor to find out why their plan isn't working.

In effect it's a last ditch attempt to rectify anything they've missed and/or blame it on the workforce if their plan is failing.