Assignment- Strategic Auditing

Scenario

ABC (Pvt)Limited is a fast growing chemical manufacturer operating from London and during the past few years the client has been able to maintain an above average growth among the industry players and current annual profit of the company stood at USD 150 Mn and last three years average turnover growth is 16%.

Considering the increasing volumes as well as following the best practices adopted by established players in the industry, the company has decided to form an internal audit department within company to evaluate the effectiveness of risk management and control strategies and policies while assessing the corporate governance system and suggesting improvements.

Since this is a new experience for the management of the company, the board of directors has hired an experienced audit consultant to help them in conducting internal audit matters.

You are required to:

Assuming that you are the consultant hired by the company, compile a report to the management of ABC (Pvt) Ltd advising on the followings;

Question 1) Brief the management on regulatory requirements which are applicable for the internal auditors /internal audit considering the global as well as local regulatory requirements.
Question 2) Explains the main rules of professional conduct for internal auditors and critically examine the importance of the same to the success of the internal audit as well as to get a true and fair view of the activities of the company.
Question 3) Explains the professional qualifications /requirements as well as skills needed for the persons to be appointed to the internal audit unit with the importance of the same to the internal audit functions.
Question 4) Explains the main duties /responsibilities of the internal auditors while elaborating on the expected standards to be followed by them.
Question 5) Examine the importance of the internal audit functions under current global and local economic conditions and how the internal auditors can help the company to operate under these volatile economic conditions.
Question 6) Explains about formulating the audit strategy and main items to be included when formulating the audit process while making sure that expected outcomes are met.
Question 7) Identify the main risks faced by the company with regard to the internal audit process with relevant mitigates for the same.
Question 8) Explain how the link between financial preparation and the Audit process with the importance of the both functions to the success of the organization.
Question 9) Explains how the company can make sure that their audit is up to date with current developments with ways to achieve the same while describing the importance of the same.

Attachment:- Strategic audit.rar