Internal audit checks how well a company maintains operational
efficiency and manages accounting processes while complying with
its standard rules and regulations. The role of internal audit is to
provide independent assurance that an organization's risk
management, governance and internal control processes are
operating effectively.
OBJECTIVES OF INTERNAL AUDIT
Review/Examination:
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accounting and internal control systems.
•
design of the systems
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Monitoring the operation of the systems
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Recommending cost-effective improvements
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Financial and operating information.
•
Economy, efficiency and effectiveness of operations.
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Compliance with laws, regulations and other external requirements
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Safeguarding of assets.
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Implementation of corporate objectives
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Identification of significant business/financial risk, overall risk management
policy,
strategy
•
Special investigation into particular area
