Audit Department

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Audit Department

A department within a company responsible for conducting internal audits when deemed necessary. The audit department ensures accuracy of records and compliance with relevant regulation and company policies.
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As the UAE economy grows from strength to strength, our leadership has been focussed on good governance practices, and establishing internal audit departments is among the major initiatives.
16 July 2013 -- Minneapolis, USA-based Wolters Kluwer said that its Wolters Kluwer Audit, Risk & Compliance unit has introduced a new version of audit management software system TeamMate AM that is specifically geared for use by smaller audit departments called TeamMate Express.
Business and operational risk categories are the areas of highest risk, however internal audit departments are not focusing on these issues," said Peggy Hardek, study co-author and internal audit services partner with PwC.
The Sarbanes Oxley Act ("SOX") has increased the focus on internal audit departments as a key partner in assisting management and the board of directors (especially audit committees) in fulfilling their corporate governance activities.
In addition, well over a third of senior managers believe that internal audit departments as they currently operate lack the appropriate capabilities to provide boards with the level of security they require.
But other city leaders questioned the need for the office, which would audit departments and evaluate the potential for legal liability.
To learn more about how internal audit departments are addressing the need for more timely risk and control assurance, PricewaterhouseCoopers conducted its second annual "2006 State of the Internal Audit Profession Study.
NYSE-LISTED COMPANIES MUST HAVE INTERNAL audit departments in place in advance of an October 31 deadline.
The origins of the internal audit departments for many companies came from the 1977 Foreign Corrupt Practices Act.
The result is a population of internal audit departments with vastly different orientations: from pure consulting shops to full attestation service providers.
An ongoing partnership between the IT departments and the audit departments is thus needed to achieve sustainable compliance.
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