The importance of internal auditing by independent auditors to a Hi- Tech manufacturing organization: evidence from Walton Hi-Tech Industries PLC

Abstract

This report titled “The Importance of Internal Auditing by Independent Auditors to a Hi-Tech Manufacturing Organization: Evidence from Walton Hi-Tech Industries PLC” Shows an internal audit experience within a high-tech manufacturing corporation called Walton Hi-Tech Industries PLC, while defining their internal audit processes on behalf of ACNABIN Chartered Accountants. The first part of the report primarily emphasizes on the weekly journals and the outcome of the internship. This section outlines my activities throughout the 12th-week internship duration, emphasizing the knowledge/experience I gained and the value I brought to the organization as an intern. The second part of the report focuses on the company information. In this section, I attempt to create a comprehensive portrayal of ACNABIN Chartered Accountants and Walton Hi-Tech Industries PLC. This portrayal is particularly important as my internship, facilitated by ACNABIN, revolved around serving as an intern for Walton Hi-Tech Industries PLC during the 12th week. Lastly, the project part explains the positive outcomes of internal audits conducted by independent auditors and their essential role in enhancing the operational efficiency of a hi-tech manufacturing organization. Additionally, it portrays an efficient audit procedure that should be adopted by all organizations for their internal auditing endeavors. Furthermore, the section addresses challenges encountered by auditors and proposes strategies to effectively overcome them. Keywords: Chartered Accountancy, Internal Audit, Independent Auditor, Audit Procedure, Financial Statements, Accounting Practice.