Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes."
The duties of an internal auditor are to:
Benefits of having a good system of internal controls are:
- Objectively review an organization's business processes
- Evaluate the efficacy of risk management procedures that are currently in place
- Protect against fraud and theft of the organization's assets
- Ensure that the organization is complying with relevant laws and statutes
- Make recommendations on how to improve internal controls and governance processes
- Helping protect assets and reduce the possibility of fraud.
- Improving efficiency in operations.
- Increasing financial reliability and integrity.
- Ensuring compliance with laws and statutory regulations.
- Establishing monitoring procedures.