Internal audit is an independent, objective assurance and consulting activity designed to add value and improve organization’s operations. 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 process.
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:
The objective of Internal Audit is to evaluate and improve the effectiveness of governance, risk management and control process. Internal Audit will help the management for: