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Internal audit |
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An internal audit provides assurance to management that the business is achieving its objectives across a wide range of operations.
It incorporates a systematic review and evaluation of risk management, control and governance of an organization’s policies, procedures and operations.
But how does internal audit provide value to your company? Performed correctly, internal audit offers a number of benefits, including:
- establishing and monitoring the achievement of your objectives;
- identifying, assessing and managing the risks to achieving those objectives;
- ensuring the economical, effective and efficient use of resources;
- advising on, formulating and evaluating internal policies and procedures to ensure best practice and efficiency;
- ensuring compliance with external laws and regulations;
- safeguarding the company's assets and interests from losses arising from fraud, irregularity or corruption;
- ensuring the integrity and reliability of information, accounts and data, including internal and external reporting and accountability processes.
Depending on the size and type of the organization, the internal audit function can be performed by a specific in-house department, outsourced to internal audit specialists, or a mixture of both. However, in recent years, even those with in-house departments are working with external providers to ensure the utmost objectivity.
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