Internal Audit and Its benefits
Tanvi Fal Dessai
An internal audit’s primary objective is to provide leadership with the highest level of independent assurance and recommendations related to the effectiveness of internal controls, governance, and risk management processes.
Take a look at the benefits that Internal Audit brings along.
- Improved processes and controls
Internal auditors perform procedures and develop reports that provide findings and recommendations to help improve internal controls, processes, and procedures.
- Improved systems implementation
Internal audit can help the new system implementations address any risks or control deficiencies before a system goes live.
- Compliance with laws and regulations
Internal auditors help ensure that organizations comply with the applicable laws and regulations.
- Preparation for the external audit
A practical internal audit function can facilitate smoother external financial statement audits.
- Third-party risk management
Internal audit can be the alliance between management and third parties to ensure that adequate controls are in place throughout an organization’s supply chain.
The internal audit function is an essential investment for a. If your organization is exploring the benefits of an internal audit, a significant first step is to consult an auditing firm – AM Audit.
