Tell me about the Internal audit process

Question

Accepted Answer

The internal audit process involves evaluating and improving an organization's operations and risk management.

Internal audit is an independent and objective evaluation of an organization's internal controls, processes, and procedures.
It helps identify areas of risk, inefficiency, and non-compliance.
The process includes planning, fieldwork, reporting, and follow-up.
During planning, auditors determine the scope, objectives, and resources required.
Fieldwork involves gathering evidence, conducting interviews, and testing controls.
Reporting includes documenting findings, recommendations, and management responses.
Follow-up ensures that corrective actions are implemented and monitored.
Examples of internal audit activities include financial audits, operational audits, and compliance audits.

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