Internal Audit
Internal Audit
Internal audit is an independent, objective assurance and consulting activity designed to add value and improve the organization’s operations. The purpose and scope of internal audit is that it helps an organization to accomplish its objective by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Purpose of Internal audit
The role of internal audit is to supply independent assurance that an organization’s risk management, governance, and control processes are operating effectively.”
An internal audit is conducted objectively and designed to enhance and mature an organization’s business practices.
The purpose of internal auditing is to supply insight into an organization’s culture, policies, procedures, and helps management oversight by verifying internal controls like operating effectiveness, risk mitigation controls, and compliance with any relevant laws or regulations.
Objectives of Internal Audit
- Assessing the Risk involved
- Assisting management in the evaluation of internal controls
- To bridge the gaps by strengthening the internal controls and to accomplish organizational objectives
- Evaluating process performance and managing risk effectively
- Improve efficiency of operations
- Ensuring legal compliances
