INTERNAL AUDIT
Internal Audit is an independent, objective activity within an organization designed to assess and improve the effectiveness of its risk management, control processes, and governance. It provides assurance to management and the board of directors that the organizations operations are functioning as intended, while identifying areas for improvement.
Independence: Internal auditors are independent of the operational functions they audit, ensuring objectivity in their findings and recommendations.
Assurance: Internal audit provides assurance to senior management, the audit committee, and the board about the effectiveness of internal controls, risk management, and governance processes.
Consulting Role: In addition to providing assurance, internal audit also offers consulting services to help management improve processes and mitigate risks.
Risk Mitigation: Helps identify and reduce potential risks to the organization.
Improved Internal Controls: Strengthens internal controls and ensures efficient operations.
Cost Savings: Identifies inefficiencies and suggests cost-saving measures.
Regulatory Compliance: Ensures compliance with applicable laws and regulations.
Informed Decision-Making: Provides management with valuable insights and recommendations for better decision-making.