“Internal auditing is an independent, objective assurance consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve effectiveness and risk management, control and governance processes.”
– Institute of Internal Auditors
Internal Audit helps organisations to keep assessing their adherence to the defined best practices, thereby leading to both better planning and improved performance towards target achievement. Internal audit encourages organisations to follow a systematic and disciplined approach to improving the effectual risk management and other processes such as control and governance.
What is the role of an Internal Auditor?
The key role of an internal auditor is to provide an assurance that an organization’s risk management, control, and governance processes are operating effectively. An internal auditor facilitates effective governance and achievement of the organization’s business objectives.
At PKF, our core Internal Audit focus is on Business Risk and Control Reviews, Continuing Assurance/ Compliance Audit, Business Process (Practice) Assessment and Operating and Accounting Manuals.
The process also covers carrying out proactive fraud auditing to target potential acts of fraud, taking part in fraud investigations alongside fraud investigation professionals, and working on post investigation audits to check for overall control breakdowns and financial losses. The reports issued after an internal audit typically comprise findings, recommendations, areas of improvement and future action areas.