Internal auditing is a catalyst for improving an organization’s governance, risk management and management internal controls by providing insight and recommendations based on analysis and assessments of data and business processes.
The core purpose of internal auditing is to provide insight into an organization’s culture, policies, procedures, and aid board and management oversight by verifying internal controls such as operating effectiveness, risk mitigation controls and compliance with relevant laws or regulations.
Internal auditing services are recommended to identify any weakness in internal controls, operational efficiency or regulatory compliance. It ensures that the company is on the right track by improving risk management & follow international & local guidelines.
Advantages of Internal Audit
- It helps to enhance productivity
- It helps to prevent fraud
- Increase quality and integrity
- Make sure to comply with laws and other statutory regulations
- Establish checking methods
- Ensure the efficiency and effectiveness of the business activities
- Identifying the risks and providing the solutions, Management information system to make productive decisions