Revise the dissertation

Furthermore, the style of the work by the external audit in relation to the management of conflict and uncertainty influence the dependency or external Auditor to the internal audit reports. A worthwhile internal audit report minimizes the cost of external auditing, thus improving the cooperate governance. The financial statements of the company disclose its information through internal auditing hence affecting the cost of external audit. This means organizations with disclosures that are related to the internal audit have implications on the lower external audit cost.

Cooperate governance is effectively managed where the internal audit is disclosed pertaining to the statements of the financial status of the corporation. The features of the internal audit have an influence on the high or low cost of external audit which the organization has to incur.

The codes that are found in the governance of corporates show that the internal audit role is integrated into the corporate governance system of companies. Therefore, internal audit should be well placed in the position to achieve its objective. Internal audits play a role of being defensive to the organization as the failure of the audit process would be reflected as a failure of the general company. Some of the scandals in the corporates happen due to misstatements that occur financial statements. The auditors will, therefore, have a role to educate the audit committee on what to focus on the audit report and the questions that should be raised when they hold a meeting concerning the audit report.

By using the internal audits, the audit committee and the BoardBoard of directors are helped in performing their responsibilities in the right manner. This includes suggest to topics that are turned into agendas in their marketing, and also coordinate with an external auditor to ensure the committee is well informed. The auditing in the corporations ensures that the corporates processes are in function as it would be intended. They also determine if the methods and governance structure would be improved to reduce the risks of losing corporation money and ensure the resource in the corporation are used effectively.

Internal auditing does ply a significant role in detecting the possibility of an existing fraud within the corporation. In an audit report provided to the audit committee and the corporate executive, it would be easy for them to identify the loss of money and resources and the appropriate recommendation provided to curb the trend in the future.

It is the responsibility of the internal auditing in corporate governance to evaluate the risk. This involves identifying the processes that would carry significant risks for the company. These processes are found in all operations that influence the financial condition of the organization. For example, the internal auditors take into account the information systems due to the risks in the financial statements that the security break-in information system may affect.

The audit report analysis the efficacy of corporate governance processes as corporate governance demonstrates most clearly in the financial management systems. Through the audit policies, the financial system in the corporation shows the strengths of the organizational governance processes. Furthermore, auditing in the corporation helps to track the values of the assets in the organization. The internal auditing keeps the register to adjust the value of the assets to replicate the impression of inflation, devaluation, and rise in their costs.

The information in the internal auditing shows changes that occur on the assets due to both the external and internal environments. The information is vital as it affects the values on the balance sheet, which would also influence the relations of the shareholders. The decisions made by the executive on the goals of the organization depend on the values of the asset. This causes internal auditing as an important element in the corporate governance process.

An internal auditing report acts as a base to advance policy commendations for the organizations to improve corporate governance. Since it takes a lot of time to investigate the gap that might be existing for corporate governance, thus the audit report becomes the internal consultant on the areas that the organization needs to improve.

Besides, internal auditing is essential in reviewing the performance of the corporate in financial issues and its operations. This is crucial as the analysis is conducted to determine if the organizations are making profits or losses. The evaluations show the effectiveness of corporate governance, such as implementation and planning.

Risk management

The profession of internal auditing demands that the role of evaluating the effectiveness of the risk management needs in an organization. This makes it defined as a process of identifying, analyzing, responding, and monitoring the strategic risks that impact the ability of the organization to achieve its mission and objectives. The internal audit helps the company to address the risks associated with fraud through fraud risk assessment by applying principles of fraud dissuasion. The audits are helpful to the organizations to maintain and establish a risk management process in their enterprises. Most of the organization would highly value the establishment and implementation of an effective management system and ensure maintained quality and meet the standards set by profession.

The primary role of the internal auditing in risk management is to provide assurance to the executive and the BoardBoard on the effectiveness of risk management. The research shows the directors in an organization and the internal Auditor agree on the way the audit report gives assurance that the company's risks are managed effectively and that the internal controls and the risk management framework operating effectively.

Through internal auditing, the risks are managed to minimize the extent and possibility of harmful consequences while improving and making more likely the beneficial results that arise from decisions. The audit report helps the leadership in an organization in making intelligent and informed decisions as well as the setting of the strategies that need to be executed. By managing the risks, the company is able to make decisions on the way to achieve the objectives of the enterprise.

The internal audit communicates assessment on whether the organization addresses the management of risks appropriately in order to achieve the set objectives of the organization. The process of managing the risk that might arise is integrated into the system of the organizations for the proper decision-making process.

Internal audit functions play a key role in the risk management integrity of the companies by encouraging improvement to ensure that the emerging risks are identified and assessed, therefore facilitated embedment of risk management in the companies. The key company activities are prone to risks in the process of delivering services; thus, an internal audit contributes to the prevention of future occurrence of the risk to the company.

Besides, internal audits bring about awareness of the risks the management mat be facing, or they are about to face due to lack of understanding and the purpose to risk management. One of the major challenges that face efforts in the management of risks is lack of support from the executives who only assume to be no risks. Studies and research shows that internal audit functions play a key role in driving the processes of risk management in organizations. Furthermore, the executive and the BoardBoard of management shows interest to manage the risks by requesting a bit of internal audit advice and provide resources to support the auditing activities.

Internal auditing concentration more on consulting activities and extend support in the implementation of risk management processes ensuring safety to prevent impairment of the objectivity and independence of the auditing processes. Also, the internal audit functions play a role in companies that lack formal risk management functions. However, internal audit reports do not function as a risk management tool.

Moreover, internal audit provides an assurance to the entire risk framework as it is required by the international auditing regulatory body where it communicates the risk management to the executives in the company. Additionally, the internal audit gives an assurance on the manner in which the company makes responses to the concept that might emerge, including the suitability of risk appetite statements, audit risk culture, and the risk management integration efforts in the entire organization.

Also, internal auditing ensures that the activities in the company are coordinated together with other risk functions and the providers of assurances, thus providing a common understanding of the prevailing risks in the entire company.

The audit report acts as a tool that helps the decision-makers to arrive at the best and appropriate measure to the risks, reviewing, and monitoring the risks. The auditing would go ahead and assess the measures put in place to manage the emerging risks in an organization as well as identifying if the organization management treats the risks with effective controls.

The internal audit obtains the planning information for the audit from the processes of risk management executed by decision-makers, who turn to be accountable for the risks that may occur. The audit updates its role in supporting the continuous implementation of effective risk management measures and by giving assurance and advice to improve on decision making.

Internal controls

Internal controls in internal auditing are defined as a process of assuring the objectives of the company's ineffectiveness of the operations with reliable financial reports and compliance with the regulations provided. The common internal controls are trial balances, asset audits, and access control and separation of duties. Internal controls have five components, including risk assessment, information and communication, control activities, and control environment.

An organization that is focused on growth and develops on the global competitiveness ensures that they give priority to the control risk management and audit. Internal controls act as a key element while providing reports of the financial status of the company. The controls are affected by the BoardBoard and the management who are mandated to provide reasonable assurances regarding the objectives set for the organization.

Internal controls function as a reinforcement to ensure that the regulations and laws are complied with. This prevents the company from the losses of properties, has the wrong decision making, losing income, and failing to reach the set goals due to lack of internal controls. Internal controls are well known for providing support to the management in the process of safeguarding the organization’s assets to eliminate losses of income and the company resources.

Internal controls have been designed by organizations and the executives in order to make the business process effective and efficient, which are reliable to the financial reports and comply with the regulations that are assessed through internal audits. The internal audit provides accurate information to the management on the quality of internal controls, performance quality, and appropriateness of the processes in the business.

Internal audit activities are the main elements that have an important role in avoiding errors and fraud and loss of assets. The process is done in various sectors, legal regulations, and companies with varying sizes and nature. The department of internal auditing gives the executives of an organization the appraisals and recommendations on matters concerning the activities that might be examined.

Also, internal audits help in the evaluation of the adequacy of the system of internal controls by verifying the existing assets and commend on the proper defenses for their guard. When the Auditor learns of the system of internal controls in the organization, the Auditor proceeds to assess the control risks. The internal auditing report shows the capability of the internal control system of an organization to prevent an error in the financial statements. The control risk may be either low or high. In this case, low control risk means that the internal controls of an organization are in a position to detect the errors, while high control risk means that the internal controls are weak and incapable of detecting errors that might emerge in the financial statements.

The internal auditing makes a test for the internal controls when they are assessed below maximum to ensure that the internal controls are in function according to the understanding of the auditing profession. Some of the ways that may be used to test include inquiring the management and the employees as well as inspect the documents. The auditing process proceeds to perform other practical procedures in assessing the level of all the risks according to the right auditing process.

Building ethical culture

The internal auditing process is conducted to assess if the ethics and ethos that are outlined in the ethical understanding are practiced and internalized by the workers in an organization during their time at work. Thus makes the internal audit mandated to assess what is done to ensure that the employees get familiar with the requirements of the ethos and ethics.

The internal audit determines the key areas where the management or the employees present themselves to be at culture risk. This makes it important to carry out the culture risk assessment. In the process of internal auditing, it is expected to uphold the highest degree of integrity in order to establish confidence and trust in the auditing report, therefore, forming the basis of dependence to the judgment of the organization auditing committee and the management.

To have the ethical culture in the organization, the internal audit exhibit high professional objectivity in finding, evaluating, analyzing, and compiling the information on the documents about the activities that are examined. In this case, the internal auditors provide a balanced assessment of the significant occurrences that are not influenced by their personal interests or external influences.

Furthermore, internal auditing promotes the ethical culture by respecting the confidential information they apply in their finding and investigation, and they ensure the information is not disclosed without the consent of the owner. Disclosure of such information may only occur at the request of either professional or legal obligation to perform the same.

To show that the internal audit plays a role in promoting the ethical culture, the professionals carry out the activity with competency through applying due skills, experiences, and knowledge that would be needed for internal auditing. They ensure that they engage in the services that they have the required experience and knowledge. The process at which the internal auditing is conducted should observe the set international standards to promote an ethical culture in the practice of professionalism.

In addition, the practice of internal auditing ensures that the applied information is not with the interest of personal achievements or even in the state that goes against the law to the ethical objectives of the organization. The auditors would do so by protecting the obtained information during the time of discharging the duties. The assessment is carried out in a manner not suggesting presumed biasness, which is expressed through a conflict of interests in the organizations. This is in accordance with the dictates of ethics in the profession of auditing.

Furthermore, an auditor would promote an ethical culture in the organization by conducting an audit by not engaging in illegal activity or even turn to activities that are dishonorable to the profession of internal auditing or to the company.

#part 3

Information disclosed by other listed companies.

Reliable and valid financial and non-financial information is enhanced by audit activities that form the basis of key functions. The investors and other stakeholders rely much on the annual report of the organizations that are set of different reporting elements while making decisions. Most of the financial and non-financial disclosures are as a result of the audited items since the internal auditors fail to make direct disclosures in the annual reports.

The activities that are audited internally happen to be reflected in the disclosures made by the internal audit purpose and the audit committee. The question tries to answer on the levels of the audit disclosures made in listed companies. The study shows that the audit committee and the internal audit activities subjugated the disclosure of the audited linked variables limits their disclosure to areas concerned with demonstration and prerequisite of the financial statements.

Therefore, the audit activities of a company are important in the shaping of the assurance model of the company. The audit procedures are an autonomous examination of the records to ensure compliance with the established organization control and operational procedures. In the last few years, there has been a great demand for the improved level of governance mechanism by the executives, thus increasing the scope of auditing activity in the company; hence this is evidence by the developing corporate governance in auditing and financial controls. The mechanisms used to monitor the role of the auditing report are the internal auditing, audit committee, and the external committee.

However, little is known for the internal audited report for the developing countries due to lack of accountability, corporate governance, and transparency of organizations in the developing countries. The study, therefore, examines the audit information levels in the annual reports of the listed companies in South Africa and Botswana as it is prepared in different sections of the organization on the auditing activities.

The audit function serves a key role in the assessment of the activities of the company against the set standards and giving an opinion with regard to the organization. The activities of the internal audit are concerned with the compliance of the companies to the set standards, including efficient carrying out of the activities and correct preparation of the financial statements. The accuracy of the statements increases the reliability of the information while making key decisions.

The internal audit functions are required to guide on internal assurance planning and executing the program, mitigating the strategies, identifying risks, and monitor the strategies. Furthermore, the internal audit functions must make a report to the BoardBoard on the taken decisions, such as approving the financial statements. The internal audit function acts as a server of providing the financial and related information, although having the support of the rest of the internal organization sections, including the financial controller.

Also, the internal auditing information provides a crucial internal governance mechanism that is crucial to shaping the financial reports is later printed in the annual reports of an organization. Though the internal audited report does not make direct disclosures in the annual report of organizations, the outcomes of the activities in the audit create a foundation for the disclosures made by the various people associated with the company. Therefore, the internal audit functions disclosures of the work of internal auditors are traced in the annual reports, even with the components of the organization referred to.

External audit acts as an independent and unbiased confirmation of the financial statements of the company statements while combined with the expression of the opinions of the auditors on matters of the statements. The internal audit report is authenticated when the external Auditor intervenes to provide assurance on the statements of finance in an organization. The act of subjecting the internal auditing report to the external Auditor gives room to consider possible errors and the fraud activities that might have occurred in the financial statements. It also provides room for counter checking if the information provided is fair and reflects on the accurate transactions that happen in the financial period.

The audit board and committee is mandated to determine the reliability of the information obtained from the accounting of the financial statements in an organization. Also, the audit committee is responsible for monitoring the information that is found on the financial reports—the market transparency and restoration of confidence to the investment community. The audit committees are independent, therefore minimizing the influence of the management and the executives in the organization. The internal audit systems are evaluated by the audit committees as well as safeguard the independence of the auditors. Also, the committee evaluates the corporate governance process and transparency. The presence of the audit committee does not guarantee the authenticity of the internal auditing report due to factors of influence, such as leverage and the ownership structure.

The expectation gap in the internal audit values that exist variations in opinions between the public and the auditors on the purpose of people who participate in audit activities. The shareholders and the investors show great expectations for several constitutes of assurances of auditing than the auditors would do. This expresses the uncertainty level by the users of the financial statements with different views on the matters pertain auditing practice and their opinions of the assurances given by the auditors. A study shows that most of the investors have the belief that the information presented on the annual report in the form of financial statements have undergone auditing.

The expectation is reduced by having the internal Auditor embarking on processes that will completely change the attitude, which will also change the expectations of the society in terms of information provision and reporting—in addition, expanding the services that incorporate extra work on detecting fraud, auditing, and internal control help in reducing the expectation gap. Other important elements are introduced as a way of extending the information gap that is found in the annual reports. The occurrence determines if the investors have the knowledge of involvement with the information found in the internal annual audit reports and if there is little disclosure that outcomes an information gap between the shareholders and the disclosures given by organizations. Different studies demonstrate variation in the disclosure that is needed between two or more interest groups on believed information needs.

Also, the research identifies a low level of disclosure in the developing countries where the studies were carried out under a notable variation between the correct disclosure practices of the listed companies and the expectation within the market. It is now obvious that companies disclose their information voluntarily on the practices in the annual report as a way of bridging the expectation gaps. The practices ensure the provision of more information pertaining to the internal operations of the company, including disclosures on its internal auditing functions and the issues surrounding the audit management, which are highlighted in the annual reports.

Internal auditing disclosures are techniques applied to make the auditing process transparent and reliable to the dependents of the financial report. They also promote and add value to the information presented to the users of the annual report. Internal auditing disclosure has increased, especially in the information provided in sectors required by law. There is a need to expand the audit reporting models to enable satisfaction to the needs of market information as well as give the information needed to cooperate with governance accountability and transparency. The models are modern and focused on the basis of opinion information.

An important segment that is not covered by the research is the level and nature of the internal audit disclosures made by several internal audit functions in the companies. The profession of auditing and preparing annual reports has dramatically changed due to an increase of the activities within the companies, change of the accounting guidelines both at national and international level and significant growth of risk management matters the accountability vacuum is well understood when the audit information is contextualized and understood.

The situation of the financial reporting in the country of Botswana is completely controlled by the Botswana stock exchange, which is the mandated financial reporting regulatory authority. The stock exchange has established a cord of practice on cooperate governance, which has several audits reporting clauses. Rather than auditing, this cord gives room for auditing in the listed companies on accounting practices and cooperate governance. There exists a room to improve on the present guiding provisions to Botswana regulatory bodies to control the financial reporting culture.

The study in the voluntary disclosers of information by the local based companies has risen in numbers with significant improvement of the reporting on the financial reports accounting and audit activities. The environment and social reporting occur in Botswana listed companies, and the public companies have allowed for additional information on the internal audit report, particularly the non-financial information that has increased in the previous years. The study also shows that the reporting of then financial status by the listed companies in Botswana has turned to be difficult, and the requirements for the disclosure happens to be enabling stakeholders in the process of making decisions.

The research on the listed companies found that there is an increase in the disclosure level that varies from one sector to another, and the items of the information varied across the organization. Not every listed company practiced the integrated financial reporting such as the sample from Botswana stock exchange and the listed companies on the South African Johannesburg stock exchange that showed a better cooperate disclosure level. Also, the internal auditing practice and the audit committee disclosure are more transparent in the listed companies in South Africa. However, the sectors of disclosures have not been identified by this study.

There is a difference or similarity between the Botswana reporting environment and that of South Africa since they both use a similar cooperate governance codes. The companies in the Johannesburg security exchange enjoy the environment as the country has been ranked third in the world securities exchange system on the basis of related regulations to the security exchanges. Most of the African stock exchanges are perceived to be immature with poor markets; thus, Johannesburg's security exchange emerges to be more progressive in the financial markets.

As it is the case in Botswana, the financial reporting of the internal audit exhibits an expectation gap, according to the research. In most cases, the financial market of South Africa stock exchange is significantly compared to that of the United Kingdom. However, there exists a low-level disclosure of information by South African listed companies compared to the United Kingdom. The study shows the insufficient dependency of auditors, unpleasant compulsory auditing practices in small businesses, and the undetermined role of the auditors are the key areas that the study has identified as the main cause of insufficiency disclosure.

In recent years there has been a significant increase in the voluntary disclosure level of the internal auditing annual report in South Africa due to an increased number of users in the financial information provides credible information because of increased disclosure. This has attracted more investors who are able to make informed decisions due to the wellbeing of then disclosure level.

The 1st quarter represents the FARO Technologies,inc with the change of price showing +0.95%

The 2nd quarter represents the IBERIANK Corporation with the change of price showing +0.91%

The 3rd quarter presents the Foresight Autonomous Holdings Ltd with the change of price showing +0.82%

The 4th quarter represents the Newmark Group, inc with the change of price showing +0.74%

#part 4

The issues of corporate governance began in the late16 and 17 centuries back from East India companies. The circumstance was triggered by the consistent fraud in the corporate companies that made various investors lose confidence with the firm's (Drogalas, Arampatzis, & Anagnostopoulou, 2016). The events accelerated the BoardBoard of directors' ability to strengthen effective corporate governance, especially as they bare the crucial responsibility for the firm's internal control system. Notably, corporate governance had a structure of guidelines, strategies, and practices that implicates how the organization board of directors manages and superintends the daily operation of corporate governance.

The roles strike from the responsibilities related to the principle of transparency .accountability and security that maintain the organization's image. Therefore, the corporate Auditor is the expert allocated to evaluate the financial statements and determine the correctness of the information and the data provided by the accountants. Notably, the data ascertain the decision-making procedures for investors and other stakeholders in the organization.

The company evaluation auditor should be independent of the firm to avoid any conflict of interest from the organization management. However, the independent Auditor's issues are always rampant due to inadequacy in Auditor's human capital. Additionally, the Auditor enhances the governance to have a better mechanism that oversees the relationship between the company manager and the shareholders by providing the prudential supervisory roles that test the credibility of the financial statement provided by the management on behalf of the stakeholders.

The transparency and accountability of the organization are critical to building the trust and confidence from the outside investors. Therefore, the companies need to be more careful in their audit corporate governance report that the directors release to the public. The organization should consequently articulate to have the interval independent audit firms that will be checking the books of account rationally.

The board committee should always endeavor to appoint the Auditor, who is merely composed of the entire outside directors. Notably, by doing so, the organization of the companies upholds the independence of the auditing procedure.

More so, under the trends of the global economic convergences and changes in the market dynamics, there are inevitable changes in corporate governance in various countries. The dynamical changes make the organization to strengthen its corporate governance to enhance better competitiveness and favorable performances.

The eventualities protect investors and stakeholders in all the organization's waves, ensuring that the current marketplace budget system functions vigorously and firmly. Notably, the interior auditing board has importantly contributed to the commercial governance that ensures that the corporate is governed in a better and transparent manner. Therefore as for the assurance of regulatory control and supervision, internal auditing plays vital roles in ensuring the prudential evaluation of the business control structure in the corporation's management system.

The general overview of the internal audit and corporate governance in the organization's structures.

The fraud cases have increased extensively in companies in the world. The genesis of the implication is the management level's greed that embezzles the organization by channeling the organization funds into their different project. Additionally, most of the outdated auditing boards of management always fail to execute their oversight mandate in the supervisory role in the firm (Koutoupis, & Pappa, 2018). The menace, therefore, has triggered various organizations and individuals to focus on internal governance. The ideal has promoted the internal audit, and more attention is geared towards the procedure which most organization believes will bring confidence for investors and another stakeholder.

The overview of internal audit

An internal audit is the procedure activity that holds both independence and objectivity. Notably, the main idea of the procedure is confirmation and consultation to give the analysis that provides the credibility of the process involved in various transaction activities. Therefore the internal Auditor always selects the systematic and rational technique to evaluate the eventualities of risk management. The efforts ensure that the organization has attained better development goals conveniently.

Notably, the organization's core business is to make the profit and maximize the coat involved in the operation. However, in the process of execution, there is a various problem that happens in the process that makes that always hinders the healthy progress of the organization. Therefore, the internal audit acts as the neutralizer of the various problems that occur. The method uses better auditing procedures, indicates the shortcoming in the progression of comprehensive operation and objectivity, replicating the engagement of company results.

The auditor department works to improve and promotes the company's sustainability development by ensuring prudential and active monitoring. Consequently, the internal auditing procedures reduce the unnecessary expenses and safeguarding the company resources and property against fraudulent by greedy management. The international institute of internal Auditor's theory stimulates that the interior audit effort is more prepared to endorse the upgrading of its worth, thus holding the essence of consultation and confirmations.

The Overview of Corporate Governance.

On the other finger, commercial governance reduces the agency cost of current initiatives that formulate the two factual separation systems. Therefore, the corporation conglomerates both the real condition and essential legal requirement that enhances the formulation of the current rules and the prudential regulation systems.

The ideal enables the organization to distribute various responsibilities to a different individual in the company. Notably, the mandate ensures that the shareholder, board of directors, and the senior executives to check the balance of every individual. The organization's advance and failure affect the interest of the entire workforce in the BoardBoard that directly or indirectly indulges in the organization's operation. Therefore, the organization continually adopts the scientific management methods that induce cooperation and promote the realization of the company goal. Better corporate governance ensures that the organization provides the required protection for the interest of all stakeholders.

Therefore, the internal Auditor plays a pivotal responsibility that ensures that the management is held in balance. The independent oversight helps the organization accomplish its mandate and objective by formulating the systematic, well-organized method to evaluate and improve the better effectiveness of the risk associated with the management. The occurrences ensure better control and governance of the organization. The internal audit department provides the management with data and information that gives the appraisal, recommendation, and guidance about the activities examined and other crucial management issues. Therefore, the department executes the following roles to facilities better provision of services in line with its overall strategy.

The Auditor verifies the existence of assets and recommends proper safeguards for their protection. Notably, the auditing of the fixed assets is tremendously crucial as it ensures that the company accounting for capital assets and depreciation complies with the organization management. Therefore the Auditor examines the value position of the assets and creates the policy based on the capital threshold. The eventualities enhance the organization to determine its current values. Consequently, the organization can identify the assets that it can dispose of and its current value. The oversight of the assets enables the Auditor to give the organization various recommendations regarding the other production tools that they need to increase to facilitate more productivity. More so, the procedure enhances the management and the stakeholder in the organization to be aware of the various assets that they hold in every financial year. The ideal protects the fraud that can occur by siphoning the item by greed management without the organization's consent.

Furthermore, the internal Auditor recommendation regarding the organization asset value can be used by the investors and the rending institution whenever the organization requires the short term or long term loan. The safeguarding of the assets also enables the organization to have a better reflection of the balance sheet equation and thus making it better for the firm to determine its financial position. Notably, the audit department's accuracy audit accuracy allows the organization to make an informed decision grounded on accurate information and facts.

Evaluate the adequacy of the system of internal control. Notably, the Auditor facilitates the organization to have a better assessment of the interior control. Therefore through a reasonable auditing process, the organization enhances better internal competence and efficiency of operation, better dependability of the financial reporting by the management, and better compliance with the various applicable laws and objectives. Therefore the process ensures that the organization has better ways to comply with multiple rules that safeguard and enable the organization to address the internal identified risk. Internal control auditing ensures that the organization's design has been implemented effectively and operated throughout the financial period.

Additionally, the audit ensures that the operations are monitored regularly by the designated person who has been given responsibility. The internal control by the internal Auditor facilitates the different individuals in the organization to be more accountable in their daily operation. The auditing helps the organization to have a better control environment, better risk management, prudential control activities, provision of informed data, and suitable information when relaying the organization's communication and enhances better monitoring. Internal control formulates the organization's daily performances. Most of the investors and other stakeholders are encouraged to invest in the organization due to the increase in the organization's management's grounded trust and confidence.

Internal audit acts as a fundamental share of commercial governance. The company management and all the company stakeholders rely on audit information to make various decisions regarding the organization. Notably, the external audit and the internal audit regulate the reliability and the safety of the cooperate governance structure.

The corporation's conducive and vigorous growth is integral to reliable and better governance. The BoardBoard and senior management require understanding entirely various factors that creep up the achievement of the organization's objective and goals. Therefore for the management determination to become a reality, they must sort the independent individual with auditor experience to monitor the firm inside daily operation. The various reviews and timely evaluations can reflect various threats that a firm can experience in the operation process, thus reducing internal maintenance.

The Auditor's results help the organization implement different operation positions that improve the check and balance for effective productivity. Therefore, the internal Auditor promotes the corporate prudential management and creates the trust from the outsider investors who could be interested in investing in the organization.

The internal Auditor investigates reported occurrences of fraud embezzlement theft and waste in the organization. In case of any suspicion from the management of any theft or embezzlement of funds, most corporate governance invites the internal Auditor to investigate. The ideal reduces any chances of the conflict of interest or any biasness in the investigation process. Consequently, the Auditor makes reports based on facts and data, and in case of any misappropriation, the due process of the law takes the cause to the suspect. The reflection enables the organization to have a better image of handling with the management issues and theft by greedy management. The recommendation, Enright the stakeholder and the administration to take the necessary precautions to fix the loopholes that can threaten the organization's success.

The internal Auditor reviews the operation programs to ascertain whether the results are consistent with the financial report. Some of the corporate organizations inflate the financial statements of their fiscal year return to tilt the organization's images. However, the tendency makes the venture announce the results that are not valid, which can sink the investment of the shareholders and other investors.

Therefore, to reduce those chances of inflation by the organization, corporate governance ensures that they employ the internal Auditor to check the books of account thoroughly. The report given from the independent facilitates the other stakeholder to have the full confidence of the organization and build the trust to invest in the venture. Consequently, the notion enables the organization to evade the result that can threaten the firm due to increase inflation of the financial results or error that may incur from the accounting process.

The internal audit can be strengthened in various ways to improve corporate governance. The menace is very sensitive in the organization's management process as it reduces the fraud from the senior management personnel. Consequently, the scenario protects the interest of the shareholders and other investors who have an interest In the organization. Notably, the ideal enables the organization to promptly correct the problem and mistakes that can threaten the organization. Therefore, the firm will be able to safeguard the company property security of a firm, thus facilitating the enterprise's value. Different methods are employed by the organization to strengthen the internal auditor control in corporate governance.

She is promoting the sustainable development of enterprise by improving the company's internal audit system. The company should always enhance the internal Auditor's welfare and provide the entire necessary document required to increase corporate transparency.

Consequently, the audit firm should also be audited to determine its credibility in the due working process (Husnin, Azrul Ihsan, et al., 2016). Therefore, the government institution should oversee and monitor the various audit actions of the corporation's internal audit.

Notably, the event's guidance strengthens the auditing firm and enhances its operations to become more standardized and professional. More so, the procedure improves the auditing law, making the internal audit is more systematized, lawfully, biddable, and creates a favorable environment. Notably, the union instrument for interior and exterior reviews reduces the weight involved in the auditing procedure, promotes efficiency, and eliminates any possible hidden danger of fraud in the organization.

Give the firm the comprehensives independence of internal audit. The organization should always give the internal Auditor the capacity to establish the independent oversight of the books of accounts. Additionally, the company should use the system charter to provide the internal audit satisfactory right to deliver its mandate. More, so the company should improve the rules and regulations that govern the procedures of the firm auditing report and access. Furthermore, the state owns enterprises that should have a better distribution of right to access, especially to books of accounts. The stakeholder involved should, therefore, provide independent oversight of the organization without any external intimidation.

The better and conducive environment facilitates the internal Auditor to work well and deliver the results that reflect the organization without any figure manipulation and inflation of the company financial report. Implementing the independence of the internal auditor measures facilitates the enhancement of corporate worth and efficiently solves the threats of reduced corporate management and government auditing.

They are expanding the value and specialized skills of the internal Auditor. Internal auditors should always endeavor to broaden their skills and knowledge in their profession. Notably, they should attend the training and seminar that can sharpen and add more experience in their field. Additionally, the job should embrace benchmarking from different expects and colleagues to facilitates the more exchanges of the auditing ideas.

Consequently, they should comprehend the various characteristics of commercial supervision that enhance and demonstrate the audit activities more prudentially. More so, the profession should embrace learning advanced foreign audits methods. Notably, the technique is so effective and mostly improves audit efficiency. Finally, the Auditor can advance in the adoption of the internal audit technology that improvers the auditing more effectively and enhances the monitoring and supervision of the corporate governances effectively.

However, various threats hinder the effective internal audit in corporate governance. The threat is exceptionally hazardous, and they can prevent better monitoring and supervision of the corporate and affect the daily operations. Notably, the menace exposes the organization into various management problems and capital embezzlement by the senior and junior management. The trend makes the shareholder and the investor to suffer and obtain the loses from the organization management (Mihret, & Grant, 2017).

The scenario will also make the potential investors lose faith and confidence to invest in the organization. The problem associated with poor auditing results includes an inadequate emphasis on the audit firm's credibility, lack of the functional independence of the internal audit, and constant poor quality of auditor experiences and audit technology backward. The internal Auditor with the above shortcoming will reduce the strength and the capacity for the firm to indulge in the best auditing process, thus hampering the corporate governance.

The internal audit is vital as it maintains the balance between the shareholders and the senior management in the company. Consequently, the internal audit correct and rectify the performances of the organization of time before the advances of the operation mess. The error that may have occurred during the accounting results is corrected and protects the stakeholders' legitimate interest.

Notably, the excellent internal auditing facilities the organizational management make ethical decision-making that positively affects the company's progress. The information, recommendations, and guidance provided acts as a very crucial aspect of the corporate governance structure. Therefore the internal audit has significant corporate governance roles and always facilities an exceptional part in the organizational governance structure.

Literature review

Various literature reviews have been developed to indicate the relevance of corporate governance. The literature is more considered as they provide vital information that boosts the current study and finds the central research gap that needs to be considered in the future. Therefore, various literature reviews help the researcher work on the desired and better direction by presenting the different themes that provide a better insight into the corporative governance.

The need for the internal auditing is vital component of good governance in a corporation practice e has increased due to repeated financial related scandals and and focus by regulations guiding good governance in the globe on the concept of internal control and risk management. According to (Lewington,1996). Inadequacy of internal control system had been one major reason for the failure of cooperate governance in the world therefore companies are required to disclose information about their internal control systems. According to( financial report council,2008) the United Kingdom cooperate governance principal requires an appropriate maintained company internal control systems and at least an annual review of such systems.

Brickley and Zimmerman (2010) elaborates corporate governance as, "the scheme of laws, regulations, institutions, markets, contracts, and departmental policies and procedures such as internal control systems, policy manuals, and budgets that point and inspire the doing of the higher decision-makers in the commercial corporation

McGee (2019) had the Opinion that good corporate governance improves the increase in the share price and makes, thus making the capital gain easier. Global investors are cautious to; end the capital or buy shares in a corporation that does not indicate any divine and prudential corporate governance principles. The company should report the sense of Clearness, sovereign of the directors, and the different audit committee independent from the management. Ghost (2016), Opinion that Corporate Governance must ensure that investors acquire better returns from the money they have invested. The principal's shareholders should keep the manager and the management into check to ensure that they give positive annual results. The administration should keep the interest of the various stakeholders in check when making the crucial decision.

. Holm and Scholar (2012) thought that the individual board member has a crucial contribution that makes a potential impact in the board decision. The member, therefore, should provide unique perspectives on strategic issues and can influence critical outcomes. The principles of corporate governance (OECD, 2004, section VI) discourse the board's tasks to provide tactical choices to the background and competencies of board members.

Donaldson (2013). Of the Opinion that the board of directors should set up an independent, a strategic audit committee made up of outside directors. They had an opinion that the board should meet regularly to assess the strategy using actual financial dimensions that satisfy the directors, and the CEO is systematically contented. Comprehensive tactical oversight can forestall hitches and indicate how shareholders, boards, and CEOs have a joint commitment that can prudentially solve governance issues. In Corporate governance, the organization's success depends on the degree of capital market openness and better explaining of corporate valuation.

The role of internal audit has changed to a value added assurance and consulting services which are important elements to the value of the stakeholders. Therefore turning the practice to be proactive, consumer focus activity that is in regard to the risk management and internal controls (Anderson, 2002). Companies, organizations and corporations have undergone changes in economic complexity that requires expansion of regulations and advancing technologies (Drogalas,2016). Most of the changes making an internal audit function to gain new opportunities, as it gains consultative roles risk management and internal controls ( Karagiorgos 2010).

The practice of internal auditing has changed its objective to more of being preventive and not detective as it was primarily aimed for. Therefore shifting its approaches to partner with the management to control the risk that might be existing in a corporation. According to (cooper, 2006), the primary aim of internal auditing added dimension of internal financial reporting assurance that the auditors and the committee had expectations.

The main practice of the internal auditing in respect to the risk does monitor the lesser steps to identify the existing risks, assess the effect of such risks in the organization and determine the ways to address them and monitor the possibility of emerging new risks (Hermanson, 2003). The internal auditors should not only be able to assess the risks in the companies but also analyses the risks in their internal audit functions. Critical thinking, analysis, and informative decision making are part of the features that the auditors should possess.

In some of the listed companies, the inadequacy of the appropriate systems in the auditing process led to introduction of new definition of internal auditing reflecting the extended professional responsibilities and roles ( Ramammorti, 2003). The extended roles included the risk management and corporate governance to make the system more effective on reporting of financial status in listed companies. The new guidelines were aimed at making the governance of companies strong and provide room for the internal audit to monitor and improve the internal control governance process and management of risks.

The new imposition of the regulations and principles of internal auditing helped to increase the need for corporate governance role for the internal audit functions (Gramling 2004). The new SOX legislation necessitated the public listed companies to possess effective internal control systems on the financial status (Burnaby 2006).

Conclusion and recommendations

The internal audit efforts are supposed to be enhanced so that they meet the demands of the risk management tasks. The key audit executives are expected to improve their knowledge and skills and ensure that they possess the required resources and necessary technical skills that contribute to risk management. They can do so by supporting the process of implementation advising and providing assurance.

Companies are advised to have risk management plans not considering the size the nature or even the complexity of the policies. Having established risks programs do not necessarily mean that risks will emerge but is a measure of preparedness. For that case, organizations should have sustainable risk programs that suit the purpose in line with the risk profile of the company, the size, nature of the culture. When an organization tends to implement the risk management plans, it should start with a pilot project which may cover only the top risks or a few selected units which appear to be of importance to the company. This gives the internal audit a crucial role while making such efforts.

The main aim of this research was to assess the audit disclosures made by listed companies. Several observations have been made concerning the disclosure of financial inform

ation by the listed companies in the two companies i.e., Botswana and South Africa.one of the observation are that both of the countries are comparable to all of their companies, audit disclosures were evident in the reporting processes in the annual report such as internal audit functions risk management and assessment and observing acquiescence to the regulatory bodies. In some cases, very low disclosure was carried out.

Some of the disclosures happen to follow industry practices. This is seen where the listed companies in the retail sector demonstrate the slightest disclosures in each of the selected companies. However, the listed retailed companies did a mandatory disclosure. Some of the companies listed in the stock exchanges, including Banks and insurance institutions, had a distinct committee that was mandated to monitor the risks that would emerge during preparations of internal audit annual reports. Other financial companies demonstrated a number of disclosures that were related to the regulatory body requirements.

Many of the internal audit disclosures occurred due to the presence of internal audit functions and the audit board with minimal disclosures occurring due to external auditing. The main role of the external auditing is seen as a way of creating financial statement confidence and showing how credible the reports from the company are. These studies show the reduction of the information gap beyond the credibility of the organization greatly dependent on the internal auditing functions and the audit board. The purpose of the audit committee is the directors need to function independently and with integrity so that they provide credible information to both the stakeholders and the organization at large. As the organizations grow and society develops disclosure of information and audit responsibilities, which requires skillful people.

The studies show the need to have an appropriate board committee with the aim of improving the financial; reports as well as improve good governance. This feature is applicable to listed companies in Botswana, where the committee is dominated by the disclosure areas, including risk management and assessment. The total disclosures while comparing by physical location, the companies listed in Johannesburg security exchanges exceed those listed in Botswana by count on the basis of internal controls reasonable reports opinions regarding audits and financial statement presentation. These elements stand for the disclosures that are mandatory or major aspects of disclosure requirements.

There is a need to identify the implications of the auditing study and then expertise required in order to provide a credible audit disclosure and engaging on various constituents of the company. The audit committee is crucial as it influences the audit disclosures and ensures the guiding regulations are observed. In addition, the shareholders are dependent on the information that is being disclosed in the internal audit annual report.

Internal audit is vital as it maintains the balance between the shareholders and the senior management in the company. Consequently, the internal audit correct and rectify the performances of the organization of time before the advances of the operation mess. The error that may have occurred during the accounting results is corrected and protects the stakeholders' legitimate interest. Notably, the excellent internal auditing facilities the organizational management make ethical decision-making that positively affects the company's progress. The information, recommendations, and guidance provided acts as a very crucial aspect of the corporate governance structure. Therefore the internal audit has significant corporate governance roles and always facilities an exceptional part in the organizational governance structure.

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EXAMPLE OF PUBLICLY LISTED COMPANIES