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Show What is Internal Audit and why does my business need it?Navigate to:Home:What is Internal Audit and why does my business need it?
 We believe that all organizations should have an internal audit function; however, the structure and size of the internal audit function will vary greatly depending on the size and complexity of the organization. We believe that all organizations should have an internal audit function; however, the structure and size of the internal audit function will vary greatly depending on the size and complexity of the organization. The role of internal audit is to provide independent assurance that an organization’s risk management, governance and internal control processes are operating effectively. The Institute of Internal Auditors defines the internal audit process this way: “Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It 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.” The internal audit function is normally fulfilled by the internal audit department which can be comprised of one part-time person for a smaller organization or up to 20 full-time people for the largest companies. Many organizations outsource or co-source the internal audit function to a third party in order to maximize budget, efficiency, and have a professional team performing these services. The key point is that every organization needs to have an internal audit function, especially if you want to:
Six key benefits of having an internal audit function are:
The internal audit function works from within but acts as objective consultants to your organization, advising you on how to improve your processes, especially those concerning risk management, governance, and internal controls. Internal auditors do more than just audits. They are advisors and consultants that can help you improve your operations, avoid financial loss, and identify opportunities for financial growth. Internal audit creates value by identifying organization-wide risks, leveraging synergies, monitoring and improving early warnings of new risks, and improving processes and efficiency. Partnering with a professional service provider for internal audit projects or as an outsourced team, allows you to evaluate your current internal audit function or internal controls environment and development strategies to strengthen your organization to help reduce risks of fraud or material error, maximize operational effectives, and identify opportunities to maximize profits. In summary, internal audit is an integral part of your organization’s overall success, no matter your organization’s size or structure – nonprofit, private, or public company. You may not have a formal internal audit department but you can still take advantage of completing a full organization risk assessment and performing internal audit procedures to receive the benefits of internal audit that work both within your preferred timeframe and budget. Dean Dorton is uniquely positioned to assist organizations of all sizes and types navigate the risk management universe. Our team combines extensive experience in internal controls, risk management, regulatory compliance, data analytics, and cybersecurity to provide organizations with a full range of internal control and risk advisory services. From performing a stand-alone project to working in a co-sourced arrangement with your internal audit department, we work with you to provide a unique solution to fit your needs. So as you review your internal audit function and team, do not hesitate to ask us for input to help you maximize your internal control and risk management opportunities. Are you interested in Learning about Dean Dorton’s Internal Audit Services? If so, follow the link below: Related Posts
We use cookies to improve your experience and optimize user-friendliness. Read our cookie policy for more information on the cookies we use and how to delete or block them. To continue browsing our site, please click ok. Ok What is considered an internal audit?What Is an Internal Audit? 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.
What is the role of internal audit in an Organisation?The internal audit activity 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.”
Is internal audit part of management?Although internal auditors are part of company management and paid by the company, the primary customer of internal audit activity is the entity charged with oversight of management's activities. This is typically the audit committee, a sub-committee of the board of directors.
What is audit in organization?The Organizational Audit, also called a Cycle Audit, is a practical, lean, swift assessment of an organization's capacity in each area of the Cycle: artistic and program planning, marketing, board and "family," fundraising, and other revenue.
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