Audit management

From Wikipedia, the free encyclopedia

This article needs additional citations for verification. Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (July 2007)

Audit management is responsible for ensuring that board-approved audit directives are implemented.

Audit management oversees the internal audit staff, establishes internal audit programs, and hires and trains the appropriate internal audit personnel. The staff should have the necessary skills and expertise to identify inherent risks of the business and assess the overall effectiveness of controls in place relating to the company's information technology operations.

Internal audit is a function setup the organisation to reduce the risk of fraud in the organisation and runs according to the management commands. This is the main difference between internal and external audit where external auditors and independent of management and hence external auditors give an opinion on the financial statements.