An internal auditor is appointed to check the overall performance of companies with respect to the administrative, executive, financial, and legal standards they follow. The audit effectively identifies corporate frauds while assessing the internal controls to ensure a business’ efficiency.
Internal audits evaluate a company’s internal controls, corporate governance and accounting processes. These audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection. Internal audits also provide management with the tools necessary to attain operational efficiency by identifying problems and correcting lapses before they are discovered in an external audit.
Internal audits provide management and board of directors with a value-added service where flaws in a process may be caught and corrected prior to external audits. In addition to ensuring a company is complying with laws and regulations, internal audits also provide a degree of risk management and safeguard against potential fraud, waste, or abuse.
Following advisory services may be provided in the area of Internal Audit:-