The Role of Internal Auditors in the Corporate Governance Framework Essay

The Role of Internal Auditors in the Corporate Governance Framework - Essay Example Internal auditing, as a framework, has been established for serving the particular organizational need. This study focuses on the role of internal auditors in the corporate governance framework. This issue is explored by referring primarily to corporate governance, as part of modern businesses. Then the role of internal auditors in corporate governance is analyzed taking into consideration the following fact: in each business, the tasks developed by internal auditors may be differentiated. Still, the power of internal auditors to check business processes is standardized; internal auditors have access to all business operations, meaning that the full authorization of the auditors by the top management is considered as guaranteed (Rittenberg et al. 2011). However, despite the fact that the role of internal auditors is closely related to Corporate Governance, the involvement of the auditors in the activities and data of firms is often not welcomed, a phenomenon resulted from certain events, as analyzed below (Cascarino 2007). On the other hand, the accountability of internal auditors for the tasks assigned to them is full; this means that failures and mistakes while performing the internal auditing can lead to severe consequences for the auditors even if the latter has taken all appropriate measures for avoiding such outcome (Ridley 2008). These issues are discussed below with reference to the literature that has been published in this field. It is proved that internal auditing is a complex process and for this reason, the evaluation of its performance can be a difficult task, especially in countries where the regulatory framework for businesses is unclear. The term ‘corporate governance’ is quite broad. Indeed, in a relevant definition, the term ‘is defined as the total of operations and controls of an organization’ (Fama and Jensen 1983, in Karagiorgos et al. 2010, p.17).  Ã‚  

Making Sense Essay Example | Topics and Well Written Essays - 1500 words

Making Sense - Essay Example to decide whether whatever going on is true or false, and whether it is good or bad. Making sense is a way to fulfill the curiosity of a person, and can be understood in levels of experiences which include; the five senses, affections and the memories whereby without these the experiences would be just plain data. Thus, to make sense of the data situational analysis is important i.e. what would be most suitable in a particular situation which would in turn lead towards good decision making. Moreover, to make good decisions, authenticity is the key, which is further characterized by experience, understanding, judgment and decision to decide if we are responsible or not. The most interesting part of making sense in this chapter was the proposition that we as humans are all truth seekers, we want to make sense of the world because we keep wondering, and we are always striving to remove the confusion around us, also because we are curious. These are all those realities which we can`t ign ore, and even practically speaking makes perfect sense as that is why we want to make sense of the world. Chapter 4: Making Sense, Epistemology This chapter focuses on the epistemology of making sense i.e. the philosophy behind making sense, which can be divided into four levels. These levels or stages include experience, understanding, judgment and decision. ... The external factors of perceptions include senses while the internal factors include affect (emotions etc). Further comes understanding and we can distinguish experience from understanding by considering that while experiences are singular, understanding involves concepts which are multiple and complex. To understand meanings, one should be innately curious which arouses the Eurika Movement i.e. the insights. Also, interests for understanding may b natural or cultivated while interests depend on the internal factors, thus in other words understanding involves intellect. On the other hand, judgment involves verification which implies that it means evidence. Experience and uncertainty principals are required to make judgment. Moreover, being judgmental means being reasonable. The most interesting and insightful part of this chapter involve the curiosity principal which is a must to understand, i.e. the Eureka Moment is induced by the tension of enquiry i.e. being curious. Therefore, b eing curious is naturally a pre-requisite of developing an understanding or in other world for understanding concepts intellectually. Chapter 5: Practical Wisdom This chapter aims at critically understanding the concept of morality and goodness, what we view as the moral agents etc. Also, this chapter intends on appreciating the structures created by humans which makes us authentic people. Lastly, to help us understand the levels of transcendence is also another purpose of the chapter. Firstly, we need to understand that morality is a characteristic found only in humans, and not found in other natural species, i.e. the Flora, Fauna or other cosmic forces. Morality is related to rationality and it is grounded in our religion, philosophy and hedonism. Next comes the concept of moral