By Muckian M

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Perhaps we shall be trusted once again. But I think that this is a vain hope—not because accountability is undesirable or unnecessary, but because currently fashionable methods of accountability damage rather than repair trust. If we want greater accountability without damaging professional performance we need intelligent accountability. What might this include? Let me share my sense of some of the possibilities. Intelligent accountability, I suspect, requires 28 THE INTERNAL AUDITING HANDBOOK more attention to good governance and fewer fantasies about total control.

The true audit professional is called upon to review complicated and varied systems even if the more complicated and sensitive ones may sometimes be financially based. A multidisciplined approach provides the flexibility required to deal with operational areas. Many organizations require internal auditors to hold an accounting qualification or have accountancy experience. A move outside the finance function allows staff to be employed without an accounting background. There are clear benefits in this move in terms of securing a firmer level of independence from the finance function: INTRODUCTION 13 • The traditional reporting line to the director of finance (DF) may have in the past created a potential barrier to audit objectivity.

18 THE INTERNAL AUDITING HANDBOOK 4. The compliance role There is some debate on the role of internal audit in compliance with procedure. The technical view argues we have moved away from detailed checking as the profession developed. One may now audit corporate systems of importance to the entire welfare of the organization. However, there are organizations such as banks and retail companies that make great play of compliance checks and have a need for an audit service that management knows and understands.

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Complete Idiot's Guide to Finance and Accounting by Muckian M


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