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What you should look for:
Whatever you decide to do when selecting an internal auditor, just keep in mind that you can have a WIN-WIN relationship. Know that the internal audit is not designed to hurt your operations, they are there to make your operations better, quicker.
- Demonstrates good communication skills. That person has the ability to 'listen' and 'understand' your needs
- Has the ability to prioritize. Understand their management skills
- Problem solver
- Works well with others.
- Ask your external auditor if they know anyone that could assist with your needs.
- Have full unrestricted access to records and personnel as necessary
- Be permitted to employ probing techniques without impediment
Whatever you decide to do when selecting an internal auditor, just keep in mind that you can have a WIN-WIN relationship. Know that the internal audit is not designed to hurt your operations, they are there to make your operations better, quicker.

The Institute of Internal Auditors states, "A cornerstone of strong governance, internal auditing bridges the gap between management and the board, assesses the ethical climate and the effectiveness and efficiency of operations, and serves as an organization's safety net for compliance with rules, regulations, and overall best business practices."
For those companies that do not have a need to hire a full time or permanent Internal Auditor, the next best relief would be to outsource the internal audit function.
What an internal auditor (or outsourced accountant) can do for your company.
Read more to see how this operation can develop WIN-WIN Relationships.
For those companies that do not have a need to hire a full time or permanent Internal Auditor, the next best relief would be to outsource the internal audit function.
What an internal auditor (or outsourced accountant) can do for your company.
- Monitor ethics
- Document and test internal controls
- Assure safeguards are in place and identify gaps in internal controls
- Perform contract compliance audits
- Establish a formalized risk model and evaluate risk
- Assist with system implementations
- Analyze operations
Read more to see how this operation can develop WIN-WIN Relationships.
Today, Organizations are hit everyday with some sort of fraud. Whether it be internal, from management or an employee or external, from a vendor or customer, every leader need to learn that they are not exempt from fraud. But there are some things you can do to prevent / detect fraud.
If your company has experienced fraud for with cash or have concerns about fraud with cash, below are some symptoms you should note:
If your company has experienced fraud for with cash or have concerns about fraud with cash, below are some symptoms you should note:
- Lack of segregation of duties - results in stealing
- Missing deposit slips - stealing deposits; not posting
- Missing sales invoices - a common item when stealing is present
- Unusual reconciling items on bank reconciliations
- Constant differences between daily list of receipts and deposits on bank statement
- Inventory discrepancies - common item when stealing is present
- Cash deposits and sales differ from normal patterns
- Separate responsibility for authorizing sales, receiving payments and general bookkeeping
- Compare current cash receipts to historical or expected receipts volumes
- Use pre-numbered receipts
- Have customer complaints go to an independent party, independent of accounting functions
- Keep undeposited funds in a safe
- Ensure that bank statements are received by individuals responsible for reconciling the account to the general ledger and not to someone responsible for preparing or deposits or recording cash activity in the general ledger
- A manager, owner or board member should independently review the bank statements and maybe compare deposits to the general ledger postings
- If your company have cashiers, maintain a cash 'over' and 'short' list for each cashier.
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