Overview :
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.
Internal audit serves an important role for companies in fraud prevention. Recurring analysis of a company’s operations and maintaining rigorous systems of internal controls can prevent and detect various forms of fraud and other accounting irregularities.
Some of the benefits of having a good system of internal controls are:
- Helping protect assets and reduce the possibility of fraud.
- Improving efficiency in operations.
- Increasing financial reliability and integrity.
- Ensuring compliance with laws and statutory regulations.
Establishing monitoring procedures
