Database Reference
In-Depth Information
Status of Compliance by Regulatory Requirements : This report is typically
accessed by users with the CXO, Audit Manager, and Internal Controls
Manager roles. It answers the question, "Has every process owner certified
their processes in preparation for 302 Certiication?" This report provides
associated processes, status of assessments, status of 302 assessment and
survey completions, and the number of issues.
Summary of Aggregated Deficiencies: : This report provides details
regarding the significance of internal control deficiencies and associated
control information.
Summary
In this chapter, we have explained the management of internal audit function
by describing key requirements, the InFission approach to internal audit, and
automation of the internal audit function using Oracle GRC Manager as an
audit management tool.
Internal audit function is essential to maintain effective risk management and
controls within a significant business process. Internal audit function enables the
organization to achieve its objectives while managing risks. The independent
assessment of internal controls provides the independent assurance to the board
of directors and stockholders that financial and operational information is reliable,
operations are performed efficiently and achieve established objectives, assets are
safeguarded, and actions and decisions of the organization are in compliance with
laws, regulations, and contracts.
The Chief Audit Officer's role is very important to lead and manage the audit
assessment program and ensure effective risk management and control assessment
processes. Organization's line managers also have a critical role in supporting the
assessment of the control processes in their respective areas.
 
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