1. Contents
1. Introduction ..........................................................................................................................................1
1.1. Background of the study...............................................................................................................1
1.2. Objective of the Term Paper:........................................................................................................4
1.2.1. General Objectives of Term Paper........................................................................................4
1.2.2. Specific Objectives of Term Paper ........................................................................................4
1.3. Methodology.................................................................................................................................4
2. Literature Review..................................................................................................................................5
2.1. Introduction ..................................................................................................................................5
2.2. Internal auditing standards...........................................................................................................6
2.2.1. Proficiency of Internal Audit .................................................................................................7
2.2.2. Internal Audit Independence................................................................................................8
2.2.3. Scope of Internal Audit Work................................................................................................9
2.3. History of Auditing in Ethiopia......................................................................................................9
2.4. Empirical Review.........................................................................................................................11
3. Conclusion...........................................................................................................................................14
Reference....................................................................................................................................................14
2. 1 | P a g e
1. Introduction
1.1. Background of the study
The term audit comes from the Latin word audit are, which has the significance “to
listen”. An audit is defined as an independent examination and expression of opinion on the
financial statements of an enterprise by a duly appointed auditor in pursuance of a relevant
statutory or professional obligation. The most general definition of audit is an examination of
person, organization, system, process, project or product. Audits are performed to ascertain
the validity and reliability of information and also to provide an assessment of the internal
control of the system (Cecilia, 2003).
Audit in general, is a systematic process of objectively obtaining and evaluating the information
or statements to assess their degree of compliance with predetermined criteria, and
communication of results to interested users.
The audit consists of checking and certifying the financial statements by an independent expert
to provide an opinion on the facts and accuracy of the data contained therein. The role of
audit is to provide users with information on the principles and accounting practices and
presentation of financial statements accurate picture, clear and complete financial position
and financial performance of the company (Wanda, 1994).
The Institute of Internal Auditors (IIA) is an international professional association that was
established in 1941. The IIA is the internal audit profession's global voice, recognized authority,
acknowledged leader, chief advocate, and principal educator. Generally, members work in
internal auditing, risk management, governance, internal control, information technology audit,
education, and security. Globally, the IIA has more than 180,000 members including in Ethiopia.
According to the definition of Institute of Internal Auditors, Internal auditing is an
independent, objective assurance and consulting activity designed to add value and improve an
organization's operations. It helps an organization accomplish its objectives by bringing a
systematic, disciplined approach to evaluate and improve the effectiveness of risk
management, control, and governance processes. Internal auditing (IA) serves as an important
link in the business and financial reporting processes of corporations. Internal auditors play a key
3. 2 | P a g e
role in monitoring a company’s risk profile and identifying areas to improve risk
management (International Professional Practices Framework, 2013).
The aim of internal auditing is to improve organizational efficiency and effectiveness through
constructive criticism (Goodwin-Stewart and Kent, 2006). Ellis (2000) asserts that the value of
internal audit had been affected by the perception that internal auditing only appraises
accounting functions, is past and post-operative contrary to proactive and therefore does not have
a big effect on organizational performance.
The internal audit practices are different from one organization to the other. Accordingly, the
Institute of Internal Audit (2010) defined internal audit effectiveness “as the degree (including
quality) to which established objectives are achieved”. Internal audit effectiveness means the
extent to which an internal audit office meets its purposes (Mihret and Yismaw, 2007).
Internal audit function plays an important role in the organizational process, and therefore it is
not only required to perform ordinary assurance activities, but also to serve as a strategic
partner of the organization and add value to its activities towards improving
organizational processes and ensuring their effectiveness and efficiency. Organizations with
effective and efficient internal audit function are able to detect fraud more than those that have
not such a function within their organizations (Corama, Fergusona and Moroney, 2008).
Effective internal audit function could be a major asset for improving public confidence
in financial reporting and corporate governance.
The importance of Internal auditing in Ethiopia was formally recognized in the early 1930s by
the country’s first Constitution. The development of modern auditing in Ethiopia is marked after
the issuance of Ministry of Finance directives in 1942, which focused on public sector fund
utilization (Kinfu, 1990). This document referred to the proper collection of state revenue and
the necessity for procedures to control expenditures.
In 1944, another milestone occurred when a proclamation established the Commission for
Audit, charged with auditing the Ministry of Finance accounts. The development of state
budget practices, an emphasis on fraud deterrence, and growth in trade and industry
subsequently added impetus to the growth of the profession (Welde-Ruphael, 1998). As
4. 3 | P a g e
to Lemma Argaw, the ministry of education, ministry of national defense and the
ministry of finance were pioneers in implementing the internal audit practice in Ethiopia. He
revealed this fact as follows. ‘An Internal Auditing function has existed for quite a long time in
Ethiopia; however, it got legal recognition in late 1980s (Lemma, 2000).
The internal auditing function started in the budgetary public sector as part of internal control.
However, the latter part of the 1940s witnessed the establishment of Internal Audit functions in
the Ministry of National Defense, Ministry of Education, and Ministry of Finance. It was also at
this time that the Internal Auditing units began to sprout in non-budgetary public sector (public
enterprises) like Ethiopian Highway Authority, Ethiopian Airlines, Ethiopian
Telecommunications, and financial sector that formed the modern layer of the National
Economy” (Lemma, 2000). Perhaps the most direct impact on the current status of internal
auditing in Ethiopia came from another important document issued in 1987, Proclamation
No.13 (Welde-Ruphael, 1998). Moreover, Proclamation No. 68/1997 requires that, the Federal
Democratic Republic of Ethiopia’s (FDRE) new economic policy be supported by a modern and
reliable audit system in order to ascertain proper implementation through effective
monitoring of administrative, developmental and service rendering institutions in the Federal
Public Sector (Zeleke, 2007). Generally, the history of internal auditing in Ethiopia dated back to
the 1940s just about the time the profession was also evolving in Europe and in the United States
(Lemma, 2000).
The role of the Auditing policies and practices are crucial in manufacturing company starting
from expenditure cycle to cash collection or sales their inventory or products. Based on this
objective of this term paper are to assess the Auditing policies and practices of Dashen Beery
share company; by deeply examining the conformity practices and policies with rules and
regulation standard, professional competency and their due professional care, code of ethics
governs the behavior of individuals and organizations in conducting audit activities and after
analyzing all necessary data we make conclusion based on results of analysis.
5. 4 | P a g e
1.2. Objective of the Term Paper:
1.2.1. General Objectives of Term Paper
The general objective of this study is to Assess Auditing policies and practices of Dashen Beery
Share Company.
1.2.2. Specific Objectives of Term Paper
To examine the internal audit function supported by appropriate audit policies,
procedures and audit manuals
To examine internal auditors professional competency and their due professional care;
To evaluate how the code of ethics governs the behavior of individuals and
organizations in conducting audit activities
1.3. Methodology
The methods adopted to accomplish this term paper are:-
Primary data has been collected by using questionnaires and structured interview from topic
related employees of the organization.
Literature review on the subject matter;
A comprehensive literature review is made to understand the subject matter by survey of
textbooks, academic journals and research papers.
Empirical review
Secondary data were collected from various secondary data sources. These sources were
including journal articles, manuals from Office of the Federal Auditor General (OFAG), books,
newsletters, and reports.
6. 5 | P a g e
2. Literature Review
2.1. Introduction
Internal audit as a discipline emerged before the establishment of the institute of internal
auditors (IIA). The IIA, established in 1941, is a guidance setting body for internal audit
activities. The internal audit function was mainly focused on ensuring proper governance
through the detection of internal control weaknesses within the organization (Hass, 2006). Their
role has evolved and today the IA is asked to perform many different functions
including risk assessments, control assurance and compliance, and recently they have taken on a
consulting role (Roth, 2002).
Internal auditing is an independent, objective assurance and consulting activity designed to add
value and improve an organization‘s operations. It helps an organization accomplish its
objectives by bringing a systematic, disciplined approach to evaluate and improve the
effectiveness of risk management, control, and governance processes.
It is apparent from this definition that internal audit is expected to add value to organizations by
providing a wide range of services including assurance and operational audits as well as
consulting the management on a variety of areas. Furthermore, the definition underscores
internal audit‘s contribution to accomplishment of organizational objectives. (Dessalegn
GetieMihret 2010).
The IIA also provides basic principles that each internal auditor must follow in order to maintain
that they are acting in compliance with the IIA’s standards.
Integrity- The integrity of internal auditors establishes trust and thus provides the basis for
reliance on their judgment.
Objectivity- Internal auditors exhibit the highest level of professional objectivity in
gathering, evaluating, and communicating information about the activity or process being
examined. Internal auditors make a balanced assessment of all the relevant circumstances
and are not unduly influenced by their own interests or by others in forming judgments.
7. 6 | P a g e
Confidentiality- Internal auditors respect the value and ownership of information they
receive and do not disclose information without appropriate authority unless there is a
legal or professional obligation to do
Competency- Internal auditors apply the knowledge, skills, and experience needed in the
performance of internal auditing services.
Auditing can be mainly grouped into four types:-
1. Financial audit: involves verification of financial data to express opinion on their
validity and reliability
2. Compliance audit: involves verifying adherence to policies, plans, procedures, laws and
regulations.
3. Performance audit: is a forward looking evaluation of operations to identify areas in
which economy, efficiency and effectiveness may be improved or to evaluate compliance
with and the adequacy of operational policies, plans and procedures. It involves evaluation of
inputs, process and outputs.
4. Environmental audit: is an audit which confirms the degree of compliance with both internally
and externally determined emission and pollution standards.
2.2. Internal auditing standards
SPPIA (Standards for the Professional Practice of Internal Auditing) are set criteria by which the
operations of internal auditors are evaluated and measured. It was developed in June in 1978, at
the internal auditors‟ international conference in San Francisco. The SPPIA consist the following
five Standards. (International Journal of Business and Social Science Vol. 4 No. 4; April 2013)
8. 7 | P a g e
2.2.1. Proficiency of Internal Audit
The internal audit needs to analyze how it can fulfill its role with its competency and
capacity. Due personnel planning represents the basis for an optimal staffing of the internal audit
function. Some of the personnel issues for the internal audit function, including hiring
the best recruits from outside or within the organization, on the job training and
professional development, and mentoring (Ruud, 2003). Internal auditors are assumed to have
adequate training and experience to exercise sound professional judgment when the
circumstances require so. Three components of professionalism, namely integrity,
competence, and the use of due care are relevant to the internal audit profession.
Objectivity with the three components of professionalism collectively is necessary and
sufficient conditions for value adding assurance and consulting services (Mutchler, 2003).
Mihret (2010) reveal that technical competence, continuous training, and the scope and
quality of internal audit work is an indicator of internal audit practices quality. Skilled and
qualified internal audit staffs are indicative of internal audit quality (Mihret and Yismaw,
2007; Sarens, 2009).
Furthermore, Fadzil et al. (2005) noted that when they reported that inter alia knowledge,
professional certification and training lead to a lower need for monitoring of the internal
control system by an internal audit function, since they are perceived as able to perform audits
effectively. The audit activity must have sufficient funding relative to the size of its audit
responsibilities. This important element should not be left under the control of the
organization under audit because the budget impacts the audit activity’s capacity to carry
out its duties (Belay, 2007).
Mihret et al. (2010), in their study of antecedents and organizational performance
implication of internal audit effectiveness noted that technical competence and training are
considered essential for effective internal audit practices. Thus, proficiency of the internal audit
staff is an indication of good practice of internal audit function.
9. 8 | P a g e
2.2.2. Internal Audit Independence
Internal audit can be defined as method of independent and objective validation that
increases the value and improves the operation and performance of organization and also
facilitates the effects of related processes to achieve organization’s goals and objectives (Berber
et al., 2012). Auditor independence and objectivity are the cornerstones of the profession. The
assurance services provided by auditors derive their value and credibility from the fundamental
assumptions of independence of mind and independence in appearance (Stewart and
Subramaniam, 2010).
Moreover, Ruud (2003) noted that to provide the assurance services internal auditors need
to be independent and objective, implying integrity, competence, due care, and ethical behavior.
Therefore, multitudes of individual and organizational related factors potentially affect and
are affected by internal auditors’ independence and objectivity (Stewart and Subramaniam,
2010).
As well, in an optimum design of corporate governance among the essential characteristics
of internal audit are the independence and the objectivity (Ruud, 2003; Bostan and Grosu,
2010). Further, Ruud (2003) noted that the independence of internal auditors is a professional
obligation to fulfill an objective, unbiased, unrestricted opinion, and to report matters as
they are rather than as some executive would like to see them.
Brody and Lowe (2000) reveal that while it is important for internal auditors to add value
to their organization, it is critical that they remain independent and objective members of
the organization. Regular contacts with audit committee are important for the independence
of internal audit function, as they allow internal auditors to discuss their work with
independent party, which often is necessary to initiate the appropriate corrective action
(Christopher et al., 2009).
Moreover, Mihret and Yismaw (2007) point out that independence of paramount value in
providing effective internal audit service to the management, for it affords an atmosphere
of objective and uninhibited appraisal and reporting of findings without influence from
the units being audited; and independence of individual auditors is essential to the effectiveness
10. 9 | P a g e
of the internal audit function. Based on evidence from Singapore on the two factors affecting
internal audit independence and objectivity, Goodwin and Yeo (2001) revealed that audit
independence affecting the organizational independence of the internal audit function. This
independence of an internal audit function in turn contributes to its quality (Barac and
Staden, 2009).
The literature supports the importance of an internal audit functional reporting relationship with
the audit committee (Barac and Staden, 2009; Goodwin and Yeo 2001; Paape et al., 2003), as it
enhances the quality of an internal audit function. Yee et al. (2007) point out that without
independence, the internal auditor simply becomes a part of the management team, losing
the ability to offer a fresh perspective through an objective evaluation.
2.2.3. Scope of Internal Audit Work
Internal audit role is primarily and ensure that management has reviewed its exposure to risk
and insert appropriate fraud among the potential risks, giving adequately management
processes such risks. Internal audit should add value to all the organization’s activity, easing the
identification and evaluation of the existing risks on all levels. These should be obtained by
examining the essence of the risk management economical process, and operating. Then internal
auditors, among other, should have full definite responsibilities in preventing, identifying
and signaling the frauds and should practice such actions that could create conscience
(Bostan and Grosu, 2010).
2.3. History of Auditing in Ethiopia
The importance of internal auditing in Ethiopia was formally recognized in the early 1930s by
the country’s first Constitution. The development of modern auditing in Ethiopia is marked after
the issuance of Ministry of Finance directives in 1942, which focused on public sector fund
utilization (Kinfu, 1990). This document referred to the proper collection of state revenue and
the necessity for procedures to control expenditures. In 1944, another milestone occurred when a
proclamation established the Commission for Audit, charged with auditing the Ministry of
Finance accounts. The development of state budget practices, an emphasis on fraud deterrence,
11. 10 | P a g e
and growth in trade and industry subsequently added impetus to the growth of the profession
(Welde-Ruphael, 1998). As to Lemma Argaw, the ministry of education, ministry of national
defense and the ministry of finance were pioneers in implementing the internal audit practice in
Ethiopia. He revealed this fact as follows. ‘An Internal Auditing function has existed for quite a
long time in Ethiopia; however, it got legal recognition in late 1980s (Lemma, 2000).
The internal auditing function started in the budgetary public sector as part of internal control.
However, the latter part of the 1940s witnessed the establishment of Internal Audit functions in
the Ministry of National Defense, Ministry of Education, and Ministry of Finance. It was also at
this time that the Internal Auditing units began to sprout in non-budgetary public sector (public
enterprises) like Ethiopian Highway Authority, Ethiopian Airlines, Ethiopian
Telecommunications, and financial sector that formed the modern layer of the National
Economy” (Lemma, 2000). Perhaps the most direct impact on the current status of internal
auditing in Ethiopia came from another important document issued in 1987, Proclamation
No.13 (Welde-Ruphael, 1998). Moreover, Proclamation No. 68/1997 requires that, the Federal
Democratic Republic of Ethiopia’s (FDRE) new economic policy be supported by a modern and
reliable audit system in order to ascertain proper implementation through effective
monitoring of administrative, developmental and service rendering institutions in the Federal
Public Sector (Zeleke, 2007). Generally, the history of internal auditing in Ethiopia dated back to
the 1940s just about the time the profession was also evolving in Europe and in the United States
(Lemma, 2000).
12. 11 | P a g e
2.4. Empirical Review
Different researches were conducted on the existing practices of internal auditing in the
Ethiopian context. The focus of those papers varies in terms of sectors, industries and
institutions. Highlights of some previous research papers on similar subject areas
including the research conclusions and recommendations are discussed as part of the
assessment of previous empirical evidences and presented as follow:
Yisehak Tigabu (2013) in the research entitled “Internal audit practices in the Ethiopian
Financial sector, as compared to the International Professional Practicing Framework
(IPPF) pronounced by the IIA”, to compare the existing internal audit practices in the
Ethiopian financial sector by taking the framework as a benchmark. The financial sector in
Ethiopia comprises of banks, insurance companies and microfinance institutions. A mix of
sample was taken from all and the research deployed three data collection methods:
questionnaires, interview and document review. The results of the research revealed that the
current practices of internal audit activities (IAAs) in the Ethiopian financial sector did not
comply with the IPPF guidelines that promulgated by the IIA. Furthermore, there were no
quality assurance and improvement programs in place by those financial institutions that can
make their internal audit practices head towards the level of being IPPF complaint. The
research recommended that the current IAAs in the Ethiopian financial sector should comply
with IPPF to make them value adding in the areas of risk management, internal control and
governance. It was also recommended that those institutions need to introduce quality
assurance and improvement programs, both internal/external and/or periodic/ongoing, to
periodically review and improve the quality of their IAAs. (Yisehak Tigabu, 2013).
Hamdu Kedir, Dr Arega Seyom and Addisu Gemeda in their article entitled “Internal
auditing standards and its practice the case of East Arsi Zone, Ethiopia” presented the result of
their case study that evaluated the current practices of internal auditing in the internal audit
departments of selected public enterprises in East Arsi Zone, Ethiopia as compared to major
internal audit standards. The purpose of the study was to investigate how major internal audit
standards are applied in the internal audit departments of selected public enterprises in East Arsi
Zone of Ethiopia, taking competency, compliance, Independency, Risk management and
13. 12 | P a g e
quality assurance as major parameters of the IIA standard for comparison. The result of the
study showed that the scope of the internal audit function in the enterprises surveyed did not yet
go far from the traditional practices and much time is devoted in performing financial and
compliance audits. Regarding quality assurance program, none of the respective public
enterprises’ audit departments have quality assurance programs. Thus, CAE should be able to
develop quality assurance programs. (Hamdu Kedir, 2014).
Bethlehem Fekadu conducted research on “Internal Audit Practices: A Case of Ethiopian
Governmental Higher Educational Institutions” for the purpose of investigating challenging
factors that have influenced the Ethiopian higher governmental institutions’ internal audit
practices. The study was done on four universities, Adama, Hawasa, Haramaya and Addis Ababa
Universities. Seven internal auditors who were selected using convenience sampling techniques
were used as data source and open-ended and closed ended questionnaires were used as
data gathering tools. Then qualitative approaches were employed to analyze and interpret the
filled in data. The findings of the study showed that IAAs in the sample Universities lacked the
following: none of the sample universities have established the audit committee, their Internal
Audit departments were not sufficiently resourced that affected their effectiveness, no
developmental programs for their internal auditors, risk-based internal audit plans were not
established and none of the respective universities’ audit departments have quality
assurance program including the internal and external quality assessment processes as
required by ISPPIA No.1300. Proper management commitment and other organizational
factors were critical factors influencing effectiveness of IAF in the respective universities. The
research concluded that proper management commitment, lack of capacity development
programs for internal auditors and other organizational factors were critical factors
influencing effectiveness of IAF in the respective universities. To alleviate those problems,
it was recommended that management and the audit division of the respective universities
has to work jointly to improve the IAF of their respective universities as per
requirements of international standards. (Fekadu, 2009) Samuel Mulugeta conducted a research
on “Internal Audit : Reporting Relationship in Ethiopian Public Enterprises” With objectives
of analyzing the reporting line of internal audit and investigate its relationship with
internal audit scope, independency, good governance and audit committee. He conducted the
14. 13 | P a g e
survey study on selected Ethiopian public enterprises and recommended possible ways to cope
up with the problems identified in the research so as to promote the good image of internal
audit profession. The results of the survey showed that the functional reporting lines in
practice were not always organized according to the theoretical assumptions, particularly in
ETC (i.e. at Zonal and regional level) and Zequala steel rolling Factory; internal audit has
been seen as outside the management structure (outsider) and board members are ministers
who have several other responsibilities so that they do not have sufficient time to deal with
the oversight of the internal audit function; the Ethiopian public enterprises internal audit
scope is more limited on the verification of financial transaction (Financial audit), compliance
audit, assessments of internal control, and fraud investigation. The researcher finalized his
study by recommending corrective actions to address the weaknesses identifed. (Mulugeta, 2008)
Mohammed Seid Ali conducted a research on “Internal audit and risk assessment in
Ethiopian public enterprises” With a general objective of seeing internal audit functions’
contribution to risk assessment. This research paper examined internal auditing and risk
assessment in Ethiopian public enterprise context using 20 purposefully selected public
enterprises. . Mixed research approach was used and the data were collected by using
questionnaires and document review. Results of the Survey showed that all public enterprises
have internal audit function that performs; operational audit which requires most resources
and compliance audit as a second important audit type; the amount of audit resources devoted to
risk assessment reveals the relative relevance of each kind of activity. Results of the
research showed that many Ethiopian public enterprises had introduced formal risk
assessment process in their internal audit function, and few enterprises were on the way
to introduce formal risk assessment process. Hence, the research recommended that
internal audit functions that did not incorporate control risk self-assessment, will be better
off by incorporating it as part of the scope of operation of their respective IAAs for effective
risk assessment. Thus, this study will be beneficial in terms of the decision making of the board
of directors, audit committee of the organization and other regulatory bodies. (Ali, 2011).
15. 14 | P a g e
3. Conclusion
The Internal audit activity's purpose, authority, and responsibility of the company are
formally defined in an internal audit charter and charter is periodically reviewed and
presented to senior management and the board for approval. The mandatory nature of the
Core Principles for the Professional Practice of Internal Auditing, the Code of Ethics, the
Standards, and the Definition of Internal Auditing are recognized in the charter. Then according
to response replied that there are the sound international auditing practices in organization.
Regarding the internal audit staff proficiency and due professional care, the Internal auditors of
the company has the knowledge, skills, and other competencies needed to perform their
individual responsibilities according to required auditing procedures and they also always apply
the care and skill expected of a reasonably prudent and competent internal auditor.
According to replies to enhance their knowledge, skill, and other competencies there is not
encouraged to develop their profession through continuing training and professional
development.
The factory auditing operations are in compliance with Dashen standards, policies and
procedures, including effective risk identification and assessment, government regulations and
generally accepted accounting principles and the results of different department audit and finding
are clear and concise written reports and oral presentations on a timely basis to executive or
management.
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