Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Auditors have to think like Entrepreneurs to ensure thatneeds and risks of the business are accurately identified. Developing control systems in a collaborative manner to meet these needs and reduce risks is the firms approach to Internal Audit.
For management, an audit is a great time for reflection.
- Are we making progress towards our compliance goals?
- Is risk being managed effectively? Are policies and procedures being applied correctly?
- Could they be improved?
These are just some of the questions that an internal audit can successfully answer.
Routine internal audits ensure the company has the ability to survive in a competitive business environment, and continue to prosper.