What is Internal Auditing?
It is an objective, independent assurance activity aims to top up control optimization to the company operations. It focuses on the effectiveness of policies, procedures and controls.It also provides an independent opinion in order toidentify the pitfalls in the system and to know the efficiency of controls.
What internal Auditor do?
The duty of internal auditor includes investigating and analyzing effectiveness of organizational control system and assuring that it is working properly in conformity of regulations, policies and procedures.
Scope of Internal Audit
The scope this activity is broad. The following are the high level details for area covered by internal auditing:
Outcomes of Internal Audit
Internal audit engagement results in reporting the finding which audit came across while performing his procedures. This also contains recommended actions in order to change current practices which would aid to reduce their associated risks.