Internal audit expands the range of tasks in the direction of control systems, risk management, corporate governance. It is an activity that provides independent and objective assurance and advice, with the aim of adding value and improving the performance of an organization.


In addition to helping the organization achieve its objectives by adopting a systematic and consistent approach to evaluating and improving the effectiveness of risk management, control and process management, internal audit is also understood as an objective analysis of available audit evidence in order to to provide an independent assessment of the organization's corporate governance, risk management and control processes.


Internal audit services are understood as activities for providing advice and recommendations to the client, the nature and content of which are agreed with the client, aiming to assist and improve corporate governance, risk management and control processes, excluding the assumption of responsibilities by auditors for management decisions.


The internal audit carries out its activities aimed at the interest of internal users of information such as the executive board, board, owner. With respect to your role objectives, they may vary depending on the size, structure of the organization and management requirements, usually involve: 1) Compliance review. 2) Review of operational activities. 3) Risk management. 4) Monitoring the internal control system. 5) Corporate governance. 6) Study of financial and operational information.


The opportunity to create an internal audit service is due to factors such as the stage of the company's life cycle, its scale, the degree of formalization of processes, the owner's role in management. In the early stages of a company's life cycle, as a rule, owners are directly involved in the management process, processes are not formalized, their control is situational and complete management and control systems have not been developed.


Under these conditions, the subject area of ​​internal audit ends up being very narrow, but as the company develops and diversifies, its scale grows, the dimension and complexity of management tasks increase, the range of risks expands, processes are formalized, decentralized and formalized management, controls and risk management are built. Risk assessment and operational efficiency, monitoring of control systems, etc. are becoming relevant. In these circumstances, internal audit becomes a very useful management tool.

With a properly organized internal audit service, the company receives tangible benefits, having a permanent division focused on the evaluation and improvement of its performance, that is, doing this not once in a while, but continuously, systematically and consistently. This ongoing work allows auditors to deepen their characteristics, the specifics of their activities and management, carry out more accurate and detailed assessments, provide more valuable recommendations, monitor the progress of their implementation, as the audit covers extremely important subject areas from the point of view of in order to achieve the company's objectives.


Internal audit data have a higher degree of reliability and can be used by executive management in the management of the organization. The presence of a good internal audit service can be a great sign for investors, creditors or potential clients.

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