Financial and Operational Costs and Benefits of the Internal Audit Function Essay

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The Financial and operational cost and benefits of the internal audit activities of MUGFIC PLC SECTION 1 INTRODUCTION I have chosen the topic the financial and operational costs and benefits of the internal audit activities of MUGFIC PLC for 2011. It is an auditing topic and will be based on the analysis of the internal auditing situation of MUGFIC PLC as at 31 December 2011. It is an analysis project. Analysis refers to the detailed study of something in other to understand more about it oxford advanced learner’s dictionary. The project therefore is all about studying the internal audit system of MUGFIC PLC in other to understand it and therefore make the necessary recommendations. The Following are ways in which I analyzed changes or trends in the internal audit function. Vertical Analysis We compare in a single internal audit system the relationship of various components that make up the system entirely .Therefore each internal review and control system and procedures are examined in detail to understand and make recommendations. Balanced Scorecard Analysis The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. It was originated by Drs. Robert Kaplan (Harvard Business School) and David Norton. I will evaluate internal audit functions based primarily on the quality of counsel and information provided to the audit committee and top management. Costumer surveys sent to key managers after each audit report will be used to measure performance, with an annual survey to the audit committee Quantitative, measure will also be used to measure

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