What is the internal audit?

What is the internal audit?

Internal audit is not just an assurance of performance of Organization but it is look after day to day working of Organization and Risk assessment of organization and help to organization to cop with, to meet, to tackle this risk and help to capitalize the Opportunity. During Internal audit internal systems, internal control, internal rules & regulations are checked to verify efficiency in system and measures to prevent inefficiency are suggested.

Need of Internal audit

Internal Audit is more than an enterprise-wide engine of assurance, as critical as that is. Here is some important need of internal audit.

1. A strong, strategic Internal Audit framework integrates compliance, controls and sophisticated risk management with your mission, vision, and stakeholder expectations. As such, it can help you shape new governance and risk paradigm—anticipating issues, increasing your effectiveness, eliminating duplication, and identifying areas of potential performance improvement.
2. Risk management is a big concern for both audit committees and senior management in corporate internally. Companies today need experienced internal auditors to address concerns in risk management, enhance internal controls, execute business plans and meet governance responsibilities.
3. Globalization, technology, legality have many upsides. Unfortunately, they also have downsides. For instance, Back to Back changes in Laws, competition not only Domestic but external due to recent change in law of Foreign direct investments into many  sectors , suddenly reverberate around the world—and across your enterprise. And internal audit helps to meet all these needs and optimize the organization performance.

Key Benefits of getting done internal audit.

1. We have a range of internal audit performance improvement services, including technology, risk assessments, training, process and organizational reengineering, benchmarking and quality assurance reviews.
2. We offer an array of flexible outsourcing and co-sourcing solutions, from selected co-sourcing of technical, geographic or industry-specific capabilities to full outsourcing of your internal audit function.
3. Helping you identify and manage enterprise risks, both seen and unseen, with confidence.
4. Internal Audit Services can help with a comprehensive, disciplined approach that yields practical solutions, not hefty reports. Our specialists and services are focused on creating value—bringing you the insight and foresight across your business as a whole, to tackle the future head on.