What is internal audit

Question

Accepted Answer

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

Internal audit provides an independent and objective evaluation of an organization's operations, including its internal control systems.
It helps organizations identify areas of risk and opportunities for improvement.
Internal audit can also provide consulting services to help organizations improve their operations and achieve their objectives.
Examples of internal audit activities include financial audits, operational audits, compliance audits, and IT audits.
Internal audit reports its findings and recommendations to senior management and the board of directors.
Internal audit plays a critical role in helping organizations achieve their strategic objectives and manage risks effectively.

Accepted Answer

Internal audits evaluate a company’s internal controls, including its corporate governance and accounting processes. These types of audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection.

The main purpose of internal audit is to provide independent assurance that an organisation's risk management, governance and internal control processes are operating effectively.

They are 4 types of Internal Audit

1) Compliance Audit

2) Operational Audit

3) Financial Audit

4) Information Technology Audit (IT Audit)

What is internal audit

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