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The area of interest of internal audit is all the activities of the organization, all its processes, and all its employees. The internal audit covers both financial and non-financial transactions. Financial auditing is only a part of the internal auditors’ duties.
In addition, there are many processes such as process audit, operational audit, activity audit, compliance audit, information systems audit, risk management audit, social media audit, communication audit, crisis management audit, fraud audit, personnel audit, performance audit, GST Audit , and strategy audit, all these audits fall within the scope of internal audit.
Today, internal audit is mandatory in many financial, real, and public sector organizations in various countries, especially in banking, capital markets, insurance, publicly traded companies, holdings, and public institutions, due to legal regulations.
However, in many sectors where there is no legal obligation, companies include internal audit activities to manage their risks. In addition, special attention is paid to internal auditing by various national and international organizations and regulatory and supervisory organizations.
In small businesses, managers can effectively manage day-to-day activities and employees. But as the scale of the business and organization grows, the need for control increases.
In this case, a need arises for an internal audit activity that assures the management, investors, and creditors about the effectiveness and adequacy of the control system. In this context, it is more important to evaluate internal audits in terms of the needs of the business, rather than a necessity. If the scale of the organization requires an internal audit, it is necessary to contact Internal Audit Companies for that organization.
The internal control system is of vital importance for institutions to continue their activities healthily and to achieve their goals.
The existence of a strong and effective internal control system increases the effectiveness and efficiency of the operations in the institutions, prevents mistakes and fraud, protects against risks and losses, provides the opportunity to benefit from opportunities, ensures that the financial statements are reliable, enables institutions to make healthier decisions and thus to access investment and credit opportunities more easily, ensures compliance with legal regulations and prevents them from facing penalties.
Inadequacies in the internal control system; may cause erroneous decisions, loss of income, and damages, and therefore, we suggest you consult the best internal audit service provider, CAC, which confirms that the business/organization is working in full compliance with the working procedures and principles set up by the authorities.
Internal auditors are responsible for providing information to the management about the efficiency and adequacy of the internal control system of companies and institutions, the relevance of business processes, and the quality of performance. In addition to doing the job right, the internal audit activity provides added value to companies and institutions with their opinions and suggestions about doing the right job. The effectiveness of the internal control system and internal audit activity plays an important role in preventing errors, frauds, and abuses, ensuring Network Security and loss of income and assets.