Browsing by Author "Rupasinghe, M.W.N.R."

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    Internal Audit Functions on External Auditor’s Reliance in Hotel Sector in Sri Lanka
    (Uva Wellassa University of Srilanka, 2011) Rupasinghe, M.W.N.R.; Gunaratne, Y.M.C.
    Note: See the PDF Version In today's world focus on corporate governance which has directed attention on roles played by internal and external auditors. Many successful organizations today are recognizing the importance of internal audit function as a key component of governance frame work within the organization. The growth of internal auditing over the years has led to more consideration for relying on internal audit work by external auditors. For the external auditor to rely on any work performed by the internal audit function the external auditor must assess the quality of the internal audit function. Internal audit function should have the considerable flexibility that external auditors have in using the work of the internal audit function should translate into a strong encouragement for companies to develop high-quality internal audit functions. SLAUSs 610 Considering the Work of Internal Audit described the relationship between external auditors and internal audit and outlining the various ways in which the external auditor can improve their efficiency and effectiveness by utilizing the work of the internal auditors. Several things to be considered in the process of establishing the internal audit work by the management in the organization. This research, attempts to identify the most significant factors in the strength of internal audit functions towards the external auditor's reliance in the organization. All business functions therefore become effective and efficiency throughout the sound internal control system by preventing duplication of work in auditing. Then the organization can achieve higher performance throughout the business functions and also sound internal control system leads to reduce external auditor's work throughout this the organization reduce the expenditure on external auditing.
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    Internal Audit functions on External Auditor’s Reliance in Hotel Sector in Sri Lanka
    (Uva Wellassa University of Sri Lanka, 2010) Rupasinghe, M.W.N.R.
    The purpose of this research is to identify the impact of the strength of internal audit functions on external auditor's reliance and relationship between strength and external auditor's reliance in hotel sector in Sri Lanka. Additionally, research identifies the existing of internal audit functions in hotel sector in Sri Lanka. Researcher developed a model for the study and it was tested by selecting twenty five hotels in hotel sector in Sri Lanka. The data were collected primary, primary data gathered from external auditors of the hotels by using questionnaires. Objectivity, competence and work performance was taking into the account to measure the strength of internal audit functions. The work performance is the most significant factor affected to external auditor's reliance. The relationship between strength of internal audit function and external auditor's reliance is strong positive relationship and moderate level of strength is present in the hotels in Sri Lanka.