In the modern business scenario, the role of an internal auditor is expanding. Internal audit provides independent assurance that an organization’s risk management, governance, and internal control processes are operating effectively. A key objective of the internal audit is to improve and upgrade the business organization’s current practices so that efficiency may be achieved at operational and performance levels. For this, corporate management and senior executives are required to follow the practices that are followed by business leaders. The internal audit services support businesses to come at par with the leaders by overcoming their drawbacks to make improvements.
Objectives of internal audit
The internal audit practice is quite common in modern corporate scenario. The financial statements and non-financial aspects and disclosure are prepared by the company’s team and an external independent audit company are audited by the financial auditors. An information technology audit, ตรวจสอบ IT, an examination of the management controls within an Information technology infrastructure is quite prevalent in the modern corporate scenario. Internal audit is important for big companies, and this practice is especially followed in the corporate world. The main objectives of this audit are to provide objective insight; to ensure compliance with regulations and laws; to improve efficiency of operations; to evaluate risks; to protect assets; to assess controls. You may check it for these objectives in any guide that contains guidelines for auditors. These are standard objectives in every business. However, a few variations and new objectives may be found in certain industries. The internal audit program highlights the nature of jobs and functions of internal auditors.
How internal audit is conducted
The internal auditors typically review sample documents and review the manuals to understand how work flows through the business organization. They then analyze the financial aspects and transactions and audit it. They list their findings based on which a report is prepared. The report also includes a summary of techniques and procedure used to conduct an audit along with description of their findings, and also make suggestions to improve internal procedures and controls. A detailed report prepared by the audit team is reviewed by the committee that suggests suitable improvements.