Internal Audit
Internal auditing is an independent, unprejudiced assurance and consulting activity that is purposed to add value and enhance an organization's operations. It helps an organization to achieve its goals by putting up a systematic, controlled approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Internal audit can single out control problems and try to correct errors before they are realized during an external audit.
Through commitment to truthfulness and accountability, internal auditing imparts value to board members and senior management as an objective source of independent advice. Internal auditing is initially targeted at evaluating internal control. External auditors may consider and use the work of internal auditors in connection with their integrated audit of a company’s financial statements.