The business growth depends upon whether you have fulfilled the objectives of the organization or not. Surely, when it comes to business, you can’t take any risk. Internal Auditing is one of the aspects which is essential for the business to sustain its smooth working. It is the one which delivers the best results and brings a disciplined, and systematic approach in the organization. In this blog, we will cover the background, Statement of the Problem, and Purpose of studying Internal Auditing for small & medium scale industries. Moreover, if you want to explore more concepts of these special features, then you can hire Internal Auditing assignment writing help.

Introduction of Internal Auditing

It is an independent appraisal function which came in existence for examining and evaluating the activities performed in the company. Basically, it helps to achieve the long term goals of the organization by applying a disciplined and systematic approach which ultimately reduce the risks and shows effectiveness in the on-going governance. The benefit you will get from Internal Audition is as follows:

  1. Consolidating Compliance Processes
  2. Good Governance is maintained in the organization
  3. Risk Management
  4. Other Corporate Functions are monitored
  • Corporate Governance: It is a set of processes, structures, controls generally performed on the behalf of the stakeholders in the company. The members include in the Stakeholder team is the body directly and board for the assurance of goals and interests. According to Zeleke, 2007, there is good governance over the last few years.

Now you can see there is widespread unethical behaviour, corporate scandals, and all these illegal activities which make necessary the needs of good governance in the private as well as the public organization. That is why IIA or Institute of Internal Auditors make their utmost efforts in providing corporate governance specialist.

  • A case of Uganda: Just like other transition economies, Uganda recognized that corporate governance is the most essential tool for the growth of economy & prosperity. For the small & Medium Enterprises, and especially those companies who want to experience growth in business and wanted their company to be listed in the stock exchange, for them Corporate governance is the key to success. The risk in finance is reduced if the bookkeeping practices and proper accounting is maintained & monitored from time to time. Hire academic assignment writingto know more about the case of Uganda Industries.

Statement of the Problem

SMEs or Small and Medium Scale Enterprises are quite complex & critical for the country, Uganda. This is because of the role of poverty reduction & economic growth. A vibrant and dynamic SME sector which will provide sustainable growth induces more employment, bring sustainable growth and also reduce the level of poverty. Those companies that are facing problems related to accountability, transparency and timely disclosure has gained importance of corporate governance and thus following its concepts widely. You can hire the best Australian Writers’ to understand clearly about the statement of the problem.

Purpose of the Study

The main purpose is to find the relationships between the internal controls and internal audit proficiency, risk management and proficiency of internal audit, corporate governance of SMEs in Uganda and risk management.

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