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    The Relationship Between Corporate Governance And Internal Audit

    2015/6/18 19:30:00 35

    Corporate GovernanceInternal AuditRelationship

    The board of directors is a company standing authority elected by the shareholders' committee to represent the interests of all shareholders, and is responsible to the shareholders' meeting.

    Whether the decision is correct or not reflects shareholder's will and becomes an important work content of supervisory board.

    At this level, the main supervisory work is done by the board of supervisors.

    Internal audit can also query its work on its own understanding and control.

    More often than not, when the board decision reflects the will of shareholders, internal audit should act as the executive body of the board of directors, and work for the protection of owners' rights and interests under the guidance and guidance of the board of directors.

    The specific contents of the work are determined by the board of directors according to the company's annual business priorities and changes in external business environment and policies.

    Executive management executive management is the company's

    Operation and management

    Personnel are accountable to the board of directors.

    As far as management is concerned, whether it is to meet the requirements of external control or to show the trustee responsibility to the trustee, the requirements of management for internal audit include: independent evaluation of control and assistance in compiling control reports; evaluation of procedural effectiveness; help design control; risk analysis; risk identification; and self assessment of risk and control.

    On the other hand, management has a strong influence in determining the top tone. Management's attitude towards internal audit also affects the role played by internal audit in corporate governance.

    The need of internal audit for executive management is reflected by providing service to managers, that is, through daily inspection and evaluation of various functional departments. On the one hand, it shows senior managers the fulfillment of their subordinates' responsibilities. On the other hand, it provides reliable information for managers to manage more effectively, and acts as a staff and assistant of management in the company.

    External auditors should be independent and separate from auditing and consulting businesses.

    Internal audit will affect the nature, time and scope of external audit, including the procedures that affect external auditors' understanding of internal control, risk assessment and substantive evidence collection.

    In carrying out the audit, external auditors may have to rely on the work of internal auditors, or even seek direct assistance from internal auditors.

    An organization will face different external stakeholder groups, namely shareholders, financial markets, customers, suppliers, regulators, governments, communities and the public as a whole.

    These stakeholders are not directly involved in the business activities of enterprises, but are related to the interests of the organization's business activities.

    In addition, they also influence organizations through decisions, such as shareholders' influence on the market value of the company, or the availability or limitation of loans by financial creditors.

    When organizations strive to make them attractive to investors, creditors, suppliers and customers, it is a crucial issue for internal auditors to provide confirmation to these external decision-makers.

    As for the shareholders' meeting, as the first level organization of the corporate governance structure, the functions and powers include deciding the management policy and investment plan of the company, electing and replacing directors and supervisors, deciding on the relevant remuneration matters and so on.

    Internal audit is a specific protection measure of ownership, and the head of internal audit institution understands shareholders' resolutions and will by attending shareholders' meetings.

    Auditing standard

    One of.

    At the year-end shareholders' meeting, an audit report is submitted by the board of supervisors or the board of directors, and the performance of the responsible person of the main function is evaluated, so as to facilitate the performance appraisal of the shareholders and arrange the future annual management activities.

    For investors, it is necessary to ensure the availability and liquidity of capital, and to keep the cost of capital within a reasonable range.

    The confirmation of information and business process through internal audit helps to analyze capital demand and liquidity, reduce the possibility of capital and liquidity crunch, and provide confirmation information to creditors and investors about the organizational status.

    It is expected that companies with higher quality confirmation information will have lower capital cost than those with higher uncertainty and risk.

    For suppliers, the main concern is to remain as an attractive partner and be able to negotiate good conditions.

    For customers, the primary interest is to deliver products to them in time and economic way to meet their needs.

    Theoretically, in the entrustment relationship between shareholders, board of directors and senior management, the exercise of internal audit can enhance the credibility of financial information and non-financial information. Performing the advisory function can improve other control procedures, affect the environment of accountability, and ensure the effective implementation of accountability.

    Therefore,

    internal auditing

    It can be regarded as an internal control mechanism.

    In practice, the board of directors needs to perform their duties and needs internal audit. External audit has always relied on the results of internal audit. Therefore, internal audit as an assistant to the board, senior management and external audit is a governance mechanism to ensure the operation of the accountability system.

    Internal audit is closely related to corporate governance.

    Both of them have different characteristics, functions and functions in the process of governing enterprises, that is, they are different from each other. They are also related to each other. Sound corporate governance is the premise and foundation for promoting effective operation of internal audit and ensuring the function of internal audit.

    At the same time, internal audit also counteracts with the corporate governance structure, provides guarantee for the management supervision, evaluation of the accounting system and other control systems in the corporate governance, and provides guarantee for the scientific management and the realization of the business objectives.


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