AUI2601
ASSIGNMENT 4 SEMESTER 2 2024
UNIQUE NO.
DUE DATE: 22 OCTOBER 2024
, AUI2601
Assignment 4 Semester 2 2024
Unique Number:
Due Date: 25 October 2024
Internal Auditing: Theory and Principles
Question 1
Part A
1.1 The activities of any organisation comprise of two main components, which
also form the two focus areas of the IAF. List these two components.
The two main components of any organisation’s activities, which are also the focus
areas of the internal audit function (IAF), are:
Risk management
Control processes
1.2 Identify and discuss the main and ancillary objectives of an IAF.
Main Objectives:
o Assurance: The primary role of the internal audit function is to provide
independent and objective assurance to management and the board of
directors that an organisation’s risk management, governance, and control
processes are effective.
o Compliance: Ensuring that the organisation complies with applicable
laws, regulations, and policies.
o Efficiency and effectiveness of operations: The IAF ensures that
processes are functioning efficiently and resources are being used
effectively.
Ancillary Objectives:
ASSIGNMENT 4 SEMESTER 2 2024
UNIQUE NO.
DUE DATE: 22 OCTOBER 2024
, AUI2601
Assignment 4 Semester 2 2024
Unique Number:
Due Date: 25 October 2024
Internal Auditing: Theory and Principles
Question 1
Part A
1.1 The activities of any organisation comprise of two main components, which
also form the two focus areas of the IAF. List these two components.
The two main components of any organisation’s activities, which are also the focus
areas of the internal audit function (IAF), are:
Risk management
Control processes
1.2 Identify and discuss the main and ancillary objectives of an IAF.
Main Objectives:
o Assurance: The primary role of the internal audit function is to provide
independent and objective assurance to management and the board of
directors that an organisation’s risk management, governance, and control
processes are effective.
o Compliance: Ensuring that the organisation complies with applicable
laws, regulations, and policies.
o Efficiency and effectiveness of operations: The IAF ensures that
processes are functioning efficiently and resources are being used
effectively.
Ancillary Objectives:
