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Internal audits evaluate a company’s internal controls, including its corporate governance and accounting processes. These audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection. Internal audits also provide management with the tools necessary to attain operational efficiency by identifying problems and correcting lapses before they are discovered in an external audit.
Thus, the role of internal audit is to provide independent assurance that an organisation’s risk management, governance and internal control processes are operating effectively.
Internal auditors have a professional duty to provide an unbiased and objective view. Internal auditors must be independent from the operations, evaluate and report to the highest level in an organization such as senior managers and governors. Typically, this is the board of directors or the board of trustees, the accounting officer or the audit committee.
To be effective, the internal audit activity must have qualified, skilled and experienced people who can work in accordance with the Code of Ethics and the International Standards. The nature of internal auditing, its role within the organisation and the requirements for professional practice are governed by the internal auditing standards in India.