Recommendation Brief for an Internal Accountant for ABZ Company
The importance of internal controls in an organization or a company cannot be over-emphasized in the wake of various laws geared toward protecting investors in publicly traded companies, especially the most recent Sarbanes–Oxley Act of 2002, which requires top management to include in its annual report a statement showing responsibility for establishing and maintaining adequate internal control over financial reporting.
Stabilizing the company’s ship on turbulent financial waters or scaling mountains of government regulations will require strong and effective internal control.
The main objective of internal audit function is ensuring the achievement of a company’s objective in a broad perspective, which includes operations, financial reporting, and compliance to laws and regulation.
According to Cain (2010) “The benefit of internal audit is to ensure that the business is achieving its objectives, ...view middle of the document...
d.), "Internal auditors serve in a self-evaluative or self-assessing function. They compare existing conditions ("what is") to a standard ("what should be") and suggest how to achieve the ideal.”
Companies and corporations multiply and economies and businesses face challenges of competition, survival, and expansion, effective internal audit or control is the answer to checkmate the ugliness of fraud, corruption, loss, and eventual liquidation. So when a company has an out-of control system, if it will not go under waters, there is an urgent need to hire an internal auditor.
ABZ company’s effort to hire an internal auditor is crucial to its survival in this moment of financial turbulence and the pay off will be worth it in the end.
Blessing H. Shiloh, CPA, IIA, is a good candidate for the position of internal auditor for ABZ Company.
Blessing Shiloh worked with Shell Company for 15 years in the audit department after she qualified as CPA and for five years as the head of Internal Audit department of the University of Pennsylvania. She became a licensed internal auditor in 1990 and has received many merit awards for meritorious and courageous services that have benefited not a few organizations. She also doubles as a professor of Internal Audit at the Accounting Department at Baylor University.
If hired, Blessing Shiloh will be ready to work on contract basis. This will reduce greatly the overhead cost of hiring on permanent level. Bringing in her experience of many years of working with different types of businesses will be a plus to her service in normalizing the financial situation of ABZ Company and arriving at the management objectives.
Cain, J. (2010, May). The advantages of internal audit. Finance Director,
Cytraus, A. (n.d.). INTERNAL AUDITING -duties, benefits. Retrieved from http://www.referenceforbusiness.com/encyclopedia/Inc-Int/Internal-Auditing.html#ixzz2Dqj23P6b
Standards Items. (). Retrieved from http://www.theiia.org/guidance/standards-and-guidance/ippf/standards/standards-items/?i=8267
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