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.
We have a professional duty to provide an unbiased and objective view. We must be independent of the operations we evaluate and report to the highest level in an organization: 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.