Organisations are now increasingly turning to their internal auditors to review processes and report via the audit committee to the board. Even more so since the exposing of numerous corporate scandals over the last few years which could have been avoided if organisations had more effective controls in place.
All organisations face risks and to mitigate these organisations are deploying internal controls with the skills of auditing and internal control. It is best if performed by professionals with an in-depth understanding of the business culture, systems, and processes. The internal audit activity provides assurance that internal controls in place are adequate to mitigate the risks, and organizational goals and objectives are met.
Whilst external auditors look at the financial risks and going concern of the organisation, internal audit functions consider wider issues such as risks to the organisation’s reputation and culture, cyber security, financial crime and the management of supply chain and other third parties.
The internal audit activity evaluates risk exposures relating to the organisation’s governance, operations and information systems, in relation to:
To gain better understanding and to qualify as an auditor have a look at the training courses we offer:
Looking for internal auditor training? Find out more about our internal control training courses