Abstract:

The internal auditing function is a critical and significant for private and public institutions as this will monitor and then increase the processes within these institutions and moreover, the functions are also instrumental in designing, growth and expansion of internal control systems, thus supporting the idea of corporate governance. It also helps in gauging and assessing the risks in work environments. Besides supporting the corporate governance, and simultaneously evaluates efficiency and performance, the role of internal auditing function is to maximize the capacity of company for employing innovative methodologies, which brings quality at workplace and fulfills the ultimate performance goals. The purpose of this study is to estimate role of the internal audit to control financial and managerial performance, while taking into consideration all the aspects and factors that would otherwise control internal auditing. Such factors comprise business setting, the prerequisite of the auditor, the laws and regulation, the degree to which the companies are bound and committed apart from discussing as well as highlighting present situation and changes required thereof. Such amendments are required for the future development with purpose that internal audit functions would lend effectiveness to managerial and financial aspects.

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