Order ID:89JHGSJE83839 Style:APA/MLA/Harvard/Chicago Pages:5-10 Instructions:
You are the Chief Audit Executive for the University of Great Grads (“UGG”) and you have asked the Internal Audit Manager on your team to draft an internal audit charter You are reviewing the document and have concerns. Below are excerpts from the draft charter: EXCERPTS FROM INTERNAL AUDIT CHARTER – UGG
The mission of Internal Audit (“IA”) is to increase profitability for UGG. IA assists UGG with accomplishing its objectives by bringing an ad-hoc approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
IA staff have a responsibility to:
· Maintain sufficient knowledge, skills and experience subject to training budget availability;
· Issue an audit report to management at the conclusion of each audit in order to communicate the audit findings;
· Prepare and present quarterly reports to the audit committee summarizing the status and the results of audit activities.
Management is responsible for following-up on outstanding management action plans to ensure significant risks and major deficiencies identified are effectively addressed and remediated by management within an acceptable timeframe.
REPORTING
A written report will be prepared and issued by the VP Internal Audit following the conclusion of each audit and will be distributed as appropriate. The report will include our findings.
INDEPENDENCE AND AUTHORITY
To provide for the independence of the Internal Audit Department, the VP Internal Audit will report functionally to the Controller, and dotted line to the Audit Committee. The VP Internal Audit will meet privately at least once every fiscal quarter, with the Audit Committee.
To remain independent, Internal Auditors are allowed to receive gifts up to $250.
The VP Internal Audit is also responsible for compliance with privacy legislation and IT security.
The Internal Audit Department is authorized to have unrestricted access to all company activities, records, property and personnel.
Discuss five (5) issues that are present within the charter and recommend changes to the issues noted in the charter. Use the following format:
Discussion of Issue (1 mark)
Recommendation for Improvement (1 mark)
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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