Internal audit

What is Internal Audit? 

Internal audit is an advisory, independent, and objective assurance activity that serves the organization to enhance its value and improve its processes. Audits help achieve the organization's objectives by providing a systematic, methodical approach to evaluating and improving the effectiveness of risk management, control, and governance processes. 

Internal audit focuses on assessing the internal control system by providing recommendations, analyses, assessments, information, and consultations to the organization's authorities and management for more effective goal achievement and process improvement. It also provides assurance that the organization is aware of its risks and has them under control. Additionally, internal audit ensures that the implemented measures and control mechanisms are not excessive and align with the organization's overall risk approach. 

Internal audit also contributes to achieving savings, process automation, protection of vital information, combating fraud and corruption, and gaining trust as key partners for both the organization, its customers, and the public. 

How does it work? 

Internal audit is conducted through interviews with the organization's employees, sampling and subsequent evaluation. All findings are documented in case they need to be revisited in the future. The audited organization is kept informed of the interim audit results to enable appropriate responses. 

Who can perform internal audit? 

Internal audit is carried out by internal auditors. These individuals must be competent and independent. It is not permissible for them to perform activities they are auditing simultaneously. 

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