Does Your Organization Really Benefit from Internal Audits? Time for a Change?

Bobh@pte said:

If your business goals and objectives do not change

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You've got a bigger problem than doing boring audits.................:mg:

Andy

AndyN said:

You've got a bigger problem than doing boring audits.................:mg:

Andy

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Maybe they sell corks for the wine industry.....

Re: Time for changes - Does your organization really benefit from internal audits?

Yeah,we can find a number of nonconformances and then correct them.
The most important point is that our manager pays a great attention to it.

Since no one manages the broad horizontal processes in our company we are one of the only groups that has a formalized method of improvement by doing process audits. We are actually requested to do audits by mid level managers to help bridge gaps between functional areas with different (vertical) chains of command as there are no process owners or corporate governence from a business standpoint that spans the different functional departments. Without internal audits we would be crashing and burning much faster than we are now!

Hi,

Sorry for writing this thread. I'm new in forum and can't find where to write my question.

I'm working as an internal audit in a major bank in türkiye.

I'm translating an audit program about Interest Risk Rate.

But I can't understand the term "LNB" in the blove sentence. Does anybody help me about what the term LNB represents for in the sentence belove

"Does LNB utilize off-balance sheet derivatives to manage its IRR?"

Thanks a lot

Internal audits-

Simply said- you get what you give.

If you have qualified auditors who put the effort into an internal audit program you will see valuable results.

ersin said:

Hi,

Sorry for writing this thread. I'm new in forum and can't find where to write my question.

I'm working as an internal audit in a major bank in türkiye.

I'm translating an audit program about Interest Risk Rate.

But I can't understand the term "LNB" in the blove sentence. Does anybody help me about what the term LNB represents for in the sentence belove

"Does LNB utilize off-balance sheet derivatives to manage its IRR?"

Thanks a lot

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Hello, there! Welcome to the Cove!

As far as LNB, I googled and could not come up with anything useful. Is your sentence from a checklist?

Could LNB be initials for one of the departments/units you would be auditing?

Just from the sentence, I am surmising they're interested in "creative" methods of calculating Internal Rate of Return, specific for each unit.

Does any of that sound relevant/helpful?

ersin said:

Hi,

Sorry for writing this thread. I'm new in forum and can't find where to write my question.

I'm working as an internal audit in a major bank in türkiye.

I'm translating an audit program about Interest Risk Rate.

But I can't understand the term "LNB" in the blove sentence. Does anybody help me about what the term LNB represents for in the sentence belove

"Does LNB utilize off-balance sheet derivatives to manage its IRR?"

Thanks a lot

Click to expand...

Could it be some kind of indices provided by 'LNB Bancorp' (US)? Why not check with some old hands around your working area. It certainly is an industry specific term.

Unfortunately, there aren't many bankers around here.

Interesting article / debate about internal auditing :

https://www.irca.org/inform/issue14/WadeOak.html

jem63 said:

Internal audits-

Simply said- you get what you give.

If you have qualified auditors who put the effort into an internal audit program you will see valuable results.

Click to expand...

If i am allowed to quote myself