Internal auditing 

An independent, objective assurance and consulting activity designed to add value and improve the operations of an organisation. 

With commitment to integrity and accountability, internal auditors provide value to governing bodies and senior management as an objective source of independent advice. Professionals internal auditors may be employed by organisations although training may be provided to personnel with process expertise. Internal auditors are not responsible for the execution of company activities; they advise management and the Board of Directors (or similar oversight body) regarding how to better execute their responsibilities.

The scope of internal auditing within an organization is broad and may involve topics such as:

• an organisation's governance, 
• risk management and 
• management controls over: 
  • efficiency/effectiveness of operations 
  • safeguarding of assets,
  • the reliability of financial and management reporting, and 
  • compliance with laws and regulations. 

Internal auditing may also involve:

• conducting proactive fraud audits aimed at identifing potentially fraudulent acts; 
• participating in fraud investigations under the direction of police or fraud investigation professionals, and 
• conducting post investigation fraud audits to identify control breakdowns and establish any financial loss.

Internal auditing achieves this by providing insight and recommendations based on analyses and assessments of data and business processes.

For more information contact Mearsecroft
Created and updated by Spiders Webs