35622/discussion_ topics/346410 3355XTIA-18T4 > Discussions> Week 1 - Internal A

Question

35622/discussion_ topics/346410 3355XTIA-18T4 > Discussions> Week 1 - Internal Auditing CH1 This is a graded discussion: 10 points possible Week 1 - Internal Auditing CH 1 Chapter 1 DQ 2: Describe the relationship between objectives and strategies. What is your foremost objective a student in this course? Explain your strategy for achieving this objective. Note: Your post is due by Sunday, 4/1. You are not required to reply to your classmates: however, yo are encouraged to "like" their post.

Explanation / Answer

Objectives are Targets & Goals which are set to be achieved. Objectives are a part of a Mission which is ultimately a part of a Vision. Objectives are time oriented meaning thereby they are to be achieved in a time bound and in a phased manner.

Whereas Strategies are means and method to achieve Objectives. Its a defined set of ways in which acts are to be performed which makes realization of Objectives possible.

So in a simplistic language, Objectives are Goals & Targets and Strategy are mans and methods to achiveve the Objective.

Foremost objective as a student of Internal Auditing is Collection of Data, Summarization of Data, Analyze the data and Reporting.

Strategy to achieve above mentioned foremost Objective includes suspeciousness in approach while analyzing each and every transaction and entries. Professional Skepticism should be maintained while analyzing & intepreting transaction. Internal Controls must be checked and Suprise checks over different areas of Internal Auditing should be made. A manner of raising questions must be developed. Integrity & Independence shouldnt be compromised.

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