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What Internal Audit Does

Scope of Internal Audit
Review of Accounting Systems and Controls: Ensures that the accounting system and related controls are effective and suggests improvements if needed.
Examination of Financial and Operating Information: Checks how financial and operational information is identified, measured, classified, and reported, including detailed tests of transactions.
Assessment of Efficiency and Effectiveness: Reviews how well the organization operates and manages its financial controls, which helps external auditors assess the reliability of financial records.
Physical Verification: Examines and verifies the actual existence and condition of the organization’s physical assets.List item

Objective of Internal Audit

Check Accuracy and Authenticity: Ensure that financial, accounting, and statistical records are accurate and genuine.
Follow Accounting Policies: Verify that accepted accounting practices are followed when preparing financial accounts.
Proper Asset Management: Make sure that assets are bought or sold with proper authorization and that access to assets is restricted to authorized individuals and times.
Legitimate Liabilities: Confirm that any liabilities are related to legitimate activities of the organization.
Effective Internal Checks: Ensure that the internal checks system is effective and cost-efficient.
Prevent and Detect Issues: Prevent and detect fraud and errors.
Review Internal Controls: Regularly review the internal control system and report any issues or weaknesses to the appropriate authorities for timely corrective action.