Discuss the function and value of an internal audi

Discuss the function and value of an internal audit team to an organisation. You should research and use examples of internal audit functions in other companies to support your points

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 You are in the process of creating a new internal audit department for a large manufacturing organisation, Y Ltd, based in Greater Manchester. The company currently employs 1,200 people, 60% of whom are based on the factory floor and who work on a zero hours contract basis. They are about to invest a large sum of money into new finance, payroll and information systems.

A lot of the management team are still unconvinced by the need for an internal audit team. They see it as a waste of valuable resource that could be used to help grow the business. The Chief Financial Officer has asked you to put together a report to help them to understand the value of an internal audit team.

Requirement:

Write a report of a maximum of 1,500 words addressed to the Chief Financial Officer of the organisation. In your report you should:

 

1. Discuss the function and value of an internal audit team to an organisation. You should research and use examples of internal audit functions in other companies to support your points; and

 

(50 Marks)

2. Discuss the controls that you would expect to find in place for the payroll cycle of Y Ltd.

 

(50 Marks)

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