Inter-American Foundation Needs To Expand Internal Audit Scope and Improve Internal Acounting Controls

An audit was made of the Inter-American Foundation, and several ways were found in which the Foundation could improve its internal controls. To be of maximum usefulness, an internal auditor's scope should not be restricted but should extend to all activities and relate to management controls and means it should encompass: (1) an examination of financial transactions, accounts, and reports, including an evaluation of compliance with applicable laws and regulations; (2) a review of whether resources are used efficiently and economically; and (3) a review to determine whether desired results are effectively achieved.