Internal Audit
An internal audit is a systematic and independent examination process conducted within an organization to evaluate and improve its internal controls, risk management practices, and governance processes. It’s an integral part of an organization’s internal control mechanism and is typically carried out by a dedicated internal audit function or department.
The Institute of Internal Auditors (IIA) defines the internal audit process as:
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.