What is internal audit and tell about it

Question

Accepted Answer

Internal audit is an independent and objective assurance activity designed to add value and improve an organization's operations.

Internal audit evaluates the effectiveness of an organization's risk management, control, and governance processes.
It helps organizations to identify areas of improvement and make recommendations for corrective actions.
Internal audit can cover a wide range of areas such as financial reporting, compliance, information technology, and operational processes.
Examples of internal audit activities include reviewing financial statements, testing internal controls, and assessing compliance with laws and regulations.
Internal audit reports its findings and recommendations to senior management and the board of directors.
Internal audit is an important component of an organization's overall risk management framework.

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