How to Internal Audit running well

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What is Internal Audit......?

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. ” 

Why Need Internal Audit.....
To get an accurate describe independently and see how an organization or department of the current.

Who audits?
-Dedicated internal auditors
-“Part-time” internal auditors
-Auditors from sister or parent company
-Outsource auditing

Internal Audit is a professional activity which helps organisations to achieve their stated objectives by:
-Analyzing key processes, procedures & operations
-Identifying key controls in each such operation, procedure & process
-Evaluating the adequacy of these controls
-Testing compliance of sample transactions against these controls

Contents of Audit Report
+Narration/ description
-Remedial action
-Consequences/ fall out
-Recommendation for improvement (prioritized between “high” and “normal”)
-Response (action plan) – who, when and how

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