internal audit


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Related to internal audit: internal control

in·ter·nal au·dit

(in-tĕr'năl aw'dit)
An assessment of records and data in a business or professional organization by an employee of that organization to verify that documentation and operations are accurate and legal.
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The seminar was attended by the delegates from Internal Audit departments of SAARC central banks and was addressed by international as well as local speakers who shared their invaluable knowledge and experience.
Information technology acceptance in the internal audit profession: Impact of technology features and complexity International Journal of Accounting Information Systems, 10: 214-228.
"Internal audit practitioners globally are bearing the brunt of dramatically shifting reforms and changes in the business environment, technology and regulatory landscapes," said Mr Benani, who moderated the discussion.
Internal audit can help management perform its role, helping to make sure things are going well and improving things that aren't going well.
How involved can or should internal audit be in these areas while maintaining the requisite focus on financial reporting and internal controls?
Chambers argues that internal audit needs to focus still more on strategic risks and on the effectiveness of the company's risk management efforts.
The supervisor of the department of internal audit has to have a list of objectives, authorities, and responsibilities of the department.
The key speakers included Larry Hubbard, founder of Larry Hubbard and Associates; Neeraj Kumar, senior VP Internal Audit, Emirates; Roderick Winters, GM- Financial Operations, Microsoft; Joe Ioculano, group head of internal audit and audit committee secretary, Mubadala and Basil Hantouli, chief audit executive, Majid Al Futtaim.
At the same time, he warns, fraud isn't going away, "so internal audit cannot avoid fraud detection and prevention, either."
Independence is a critical aspect of the internal audit function.
Given internal audit's enterprise-wide purview of the organization and its business processes, this area is uniquely qualified to both assist business units with their assessment of conversion's likely impact as well as help develop plans for implementing necessary changes.

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