Internal audit is an independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entity’s strategic risk management and internal control system.
Internal audits help companies in risk management and evaluation. This strategy can be derived to mitigate the risk which will help the company working effectively, efficiently and any non compliances are timely detected.. Also it keeps a check on the company’s Internal Control and Corporate Governance.
Risk management is a big concern for both audit committees and senior management in Corporates. Internal Audit helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. With commitment to integrity and accountability, internal auditing provides value to senior management as an objective source of independent advice.