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04/20/2012

Reflective Report: The Role of Internal Audit Function in Corporate Governance


Reflective Report: The Role of Internal Audit Function in Corporate Governance

 

Reflection

            Upon knowing that the topic to be discussed and critically evaluated was about the role of the internal audit function in the corporate governance, I was very excited because I want to learn and explore more about how internal audit can facilitate or obstruct the most important aspect in business, corporate governance

            In order to discuss the said topic, the author first focuses on the different background information that are related with the internal audit process and function. This includes definition of the term and its functions. However, upon analyzing this information, the author found out that there was a massive change in the role of internal audit inside organization or business. This includes factors that are related with the functional focus, audit skills set and the exposure and identification. Upon this, I have been able to understand more about the important influence of internal audit in organization. Furthermore, changes in the roles and functions of internal audit can be considered as results of the different changes in the environment, including changes in rules and regulations, and policies and standards set by the authorities. These changes resulted to the new definition of audit function which was declared by the IIA. Upon analyzing this aspect of the issue, I have found out that it had created a massive change on how the overall audit process is to be implemented, thus it affect the roles of the internal audits. With this, I had a hard time configuring if the said change had been an advantage or the other way around, because there are different perspectives from different sides.

            In analyzing the impact of roles and functions of internal audit, I had a hard time, constructing the outline of that part. This is because of the fact that, the topic about internal audit and corporate governance are issues that tackled by researchers and authors in light manner. Meaning, these two factors are just considered as subtopic in other researches. In simple words, there are limited number of resources, such as books, journals, articles and thesis which report, evaluate and analyze this topic in specific or in detailed manner. Because of this, there are some parts of the critical analysis, where in the issue or the topic was not explained in thorough and in-depth manner. One of the most memorable parts in writing the discussion and evaluation of the paper is the recommendation part. This is because, it enables me to apply both the theory and my personal opinions, knowledge and experiences regarding on the different actions and strategies that can be applied in order to ensure good relationship between the internal audit and corporate governance. This enables me to apply my perceptions and impressions, together with the questions that I have been asking in my mind, in the entire duration of studying the topic.

            Overall, the topic of the paper, which is about the role of internal audit function in corporate governance, enables me to learn more about the importance of internal audit in organization, at the same time, how important corporate governance is.

Personal Development Plan

            After completing the project about the role of internal audit in corporate governance, I have been able to realize my strengths and weaknesses as a researcher. With this, I will be able to focus on improving my weaknesses in order to improve in the future, at the same time, focus on developing my strengths for my advantage.         

            My primary strength will be my inquisitiveness. I have a desire to learn more, thus I am always thirsty to learn and acquire further knowledge. With this, I believe, it can help me in my future research works, because doing research papers enables me to learn more about the world. With this, it enables me to give the interest and energy in order to learn about the basic knowledge that are related with the subject. Furthermore, I also believe that I have already improved in terms or expressing myself, including my opinions and perspectives in writing the paper. Above all, I also believe that one of my advantage focuses on researching or the process of gathering of possible resources such as journals, books and articles which can help me in order to finish writing. This is very important skill because it enables me to acquire information and data which I can connect with my point of view.

            However, I believe that there are still lots of room for improvement. There are many skills and capabilities that I must learn in order to improve the quality of research paper that I produce.

            First, I believe that I must focus more on my planning activities and capabilities. This pertains on the process of organizing the different resources and activities to be done in order to complete an assignment. Furthermore, it will also help me to ensure meeting the deadlines. In addition, it is also important for me to improve my giving importance to details. This will help me to improve my understanding ability. Above all, it is also important to focus on the development of technologies, including office and graphic application in order to improve the quality of paper presentation.

 

Weaknesses

Activities Employed to Develop Skills

Resource Implications

Method Use to Monitor Progress

Target Date

Planning activities and capabilities

·        read textbooks which shows guidelines in writing and researching

·        actual application

Online books and articles

 

Diary

August/2010

Giving importance to details

·        read textbooks about writing and researching

·        actual application

·        reading books about desired topic and writing down understanding/reporting

Online books and articles

 

Books

Online test

November/2010

Improvement in technological use

·        practice in using office software in presenting papers;

·        practice graphical presentation;

·        search for newest technology.

Internet

 

Computer

Online test

December/2010

 

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