Application of Global Internal Audit Standards for Sustainable Financial Reporting
DOI:
https://doi.org/10.46793/Rev25110.057VPKeywords:
internal audit, Global Internal Audit Standards, financial reportingAbstract
Global internal audit standards guide the worldwide professional practice of internal auditing and are the basis for evaluating and achieving internal audit quality. They set principles, requirements, considerations and examples for the professional practice of internal auditing at the global level. The standards apply to the internal audit function and individual internal auditors, including the head of the internal audit unit. Internal audit contributes to the overall stability and sustainability of the organization
by providing security and its operational efficiency, reliability of reporting, compliance with laws and/or regulations, preservation of assets and ethical culture. The head of the internal audit unit is responsible for the implementation and compliance of the internal audit function with all principles and standards, and all internal auditors are responsible for compliance with the principles and standards related to ethics and professionalism, and the performance of internal audit services. This work aims to point out the application of Global Internal Audit Standards in the process of financial reporting. The methods used during the research are descriptive method and survey questionnaires. The paper tries to make a theoretical contribution, and to expand the existing fundamental knowledge in the mentioned area, and to show how the application of the Global Internal Audit Standards affects the work of the internal audit and the quality of the data presented in the financial reports, which may have consequences for investors when making business decisions based on financial reports.
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