How to Internal Audit running well

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
+Observations
+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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