Ms. Summaya is the owner of the shopping mall in the Sultanate of Oman. The mall wash was established in the year 2018 and was selling groceries, textiles, electronic and electrical equipments, etc. The operations of the shopping mall were divided into various departments including sales, purchases, human resources, finance, customer service, etc.

Ms. Summaya was doubtful about the efficiency of operations in the shopping mall. And she asked you to suggest a mechanism to check and verify it. You advised her to have an internal audit system in her shopping mall. Ms. Summaya discussed about the concept of having an internal audit system with her other friends who were doing business but they suggested not to have it because it is waste of time and resources. This discussion confused Ms. Summaya and so she is asking you to clarify her with the important purposes of internal audit.

Question:
Explain Ms. Summaya the FIVE important purposes of internal audit that you feel relevant to her business and justify it with suitable examples.

Answer rating: 100% (QA)

Internal Audit is a continuous and critical review of operating and financial activities of a co... View the full answer