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News and Events » Understanding Internal Auditing

Internal auditing is a tedious process performed by someone who has an in-depth understanding of the internal audit activity of the business that is to be audited.  Among many others, the task of the internal auditor is to provide assurance that the goals and the objectives of the organization are met.  Internal Auditing 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.

The internal auditor

It is very easy to see that having an internal auditor can add great perks to a business.  An effective internal auditor  can help significantly when it comes to risk management as well as in addressing governance processes.  At the same time, having an effective internal auditor is also essential is assuring the different stakeholders about the status of the business as well as the potentials that it carry.

The primary function of an internal auditor is primarily focused on:

  • Effectiveness and efficiency of operations.
  • Reliability and integrity of financial and operational information.
  • Safeguarding of assets.
  • Compliance with laws, regulations, and contracts.

A note of caution, though: Doing internal audit functions is a great challenge so you have to be sure that the person you will assign to this task has adequate experience in this scope of work. 

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