Code Of Ethics In Internal Audit

Code of ethics

Code of ethics says or states the principal and expectations governing the behavior of individuals and organizations in the conduct of internal audit.

Code of ethics is started by setting out the values that underline the code and will specify the company’s obligation to its stakeholders and employees and other people connected to the company .The code is publicly made available and addressed to anyone with an interest in the company’s activity and the way it does business. It will specify details of how the company plans to implement its value and vision as well as guidance to staff on ethical standard and how to achieve them.

Ethical code are mostly adopted by management not to promote a particular moral theory ,but rather

Ethics hotlines give employees access to an impartial third-party professional organization whose representatives are trained to handle complaints expediently, thoroughly and with sensitivity. Through the use of a Case Management System, employers have the ability to effectively manage hotline complaints and enhance internal controls. Companies who are currently satisfied with their level of ethical behavior may be experiencing a false sense of security. As economic conditions improve over time, attention to ethics in the workplace tends to diminish, which can open the door for unethical practices to commence unless a proactive approach is taken. In summary, companies that are truly committed to best practices, or “management practices and work processes that lead to world-class, superior performance,” must not underestimate the importance of ethics in the workplace. Implementing a third-party ethics hotline is one way a company can demonstrate its commitment to ethical behavior.

Some of the companies which implement ethical hotlines in their business

KPMG:-they consider employees as one of the major source to uncover and mitigate fraud, they have an ethical helpline service that can help clients establish and manage a secure, efficient and reporting channel for whistle blowing for matters which are unethical and use ethics reporting mechanisms such as

Make sure you have all the related documents of the complaint that you have raised against the other company.

Step 2: If the acquired company rejects your complaint or does not reply within a stipulated time, then raise a complaint with the ombudsman. Keep in mind that you supply all the documentation and proof to the ombudsman for them to assess your complaint. Step 3: Within a given precise time of the complaint, the ombudsman tries to resolve the dispute.

Step 4: If the solution or the decision taken is acceptable to you, you will need to accept within 15 days. The party against whom the complaint was lodged has to inform the ombudsman within a month of the verdict about how they have to make good of the losses and the judgment. If the party agrees with the verdict, it actions it.

Step 5: If the resolution is not acceptable to you, you can approach the courts.

Note before going to an ombudsman

You can never go to the ombudsman directly without first having placed your issue with the concerned party/service provider

You will need to raise the complaint within one year of having received the reply from the concerned company or