The following are the recommendations from CIMA’s guideline: A Framework for Internal Control pertaining to the suggested terms of reference for an Internal Audit. Hopefully, its prove useful for those self-starters who wish to initiate term of reference for their Internal Audits
 
Function
 
1.      Internal Audit is an independent review function established by management to review the […]

At The Institute of Internal Auditors Malaysia, 2006 National Conference of Internal Auditing held in Kuala Lumpur on Sept 18. Securities Commission’s head, Datuk Zarinah Anwar offers the following insights:
·      many of the losses suffered by PN4 and PN17 companies were largely caused by mismanagement, fraud, and other unethical practices;
·      Corporate frauds could have been discovered […]

Recently, reported in The Star (26/6/06)
At the Asia-Pacific Chief Auditor Summist, yesterday, our Auditor-General Tan Sri Ambrin Buang highlighted the following:

Auditors need to play an important role to ensure the successful implementation of Ninth Malaysia Plan (9MP) projects;
Besides the normal work scope of just checking contract documents, auditors can audit projects during their stage of […]

The contemporary trend is to outsource the internal audit department. However, there are many benefits which we have to consider accruing from having an internal audit department.
The advantages are as follows:
·     It dispenses the need to employ external consultants to act as internal auditors hence saving large sum of money. This is even especially true […]

In my earlier article on how fraud can be committed, let’s us turn to a branch of accounting which focus very closely on detecting or preventing accounting fraud i.e. called Forensic Accounting.
Interestingly, the word “forensic, will turn our mind immediately to the medical professions, whereby crimes are solved by examining dead bodies.
We are also very […]