Internal Audit Function

​​Boresha Ltd. is a medium-sized manufacturing company. The company has recently established an internal audit function to help improve internal controls and operational efficiency. The head of internal audit currently reports directly to the Finance Director. The Finance Director has also asked the internal auditors to assist in the preparation of monthly management accounts and the review of year-end financial statements before they are submitted to the external auditors. 

​​Describe FOUR types of audits that an internal auditor might conduct.

​​Kezzia Karimi has recently been appointed as the head of internal audit function in one of the Government Entities. The entity has never had an internal audit function. In this regard, Kezzia has the responsibility of developing an audit charter for approval by the Audit Committee.

Required:
Advise Kezzia on four matters for inclusion to the audit charter to ensure independence of the internal audit function.

​​Evaluate three benefits of an audit committee in a not-for-profit organisation (NGO)