Internal audit is critical to good governance and performance of a company. It provides confidence in managing key risks, informed decision making and improves organizational performance.

Companies often need to consult independent internal advisors on matters related to internal audit, business risk management and corporate governance. The internal auditors work with management to systematically review systems and company operations. These reviews (audits) are aimed at identifying how well risks are managed. Audits can also identify areas where efficiencies or innovations might be made.

Internal auditors work across all areas of an organization. In addition to core areas of financial control and IT sector, they review the tangible aspects of operations (organization’s supply chain or IT systems) as well as more intangible company aspects (organizational culture and ethics). In fact, any system that has an impact on the effective operation of an organization may be included in internal audit’s scope.

Internal audit reports are presented to the Board of Directors, the Audit Committee, the Chief Executive Officer, Senior Executives and stakeholders with an independent view on whether the organization has an appropriate risk and control environment, whilst also acting as a catalyst for a strong risk and compliance culture within an organization. They also provide advice on areas for improvement.

Internal audit work is risk–based and encompasses both financial and non–financial operations of an organization.