Internal Audit


Also found in: Dictionary, Thesaurus, Medical, Financial, Acronyms, Wikipedia.
Related to Internal Audit: internal control

Internal Audit

An inspection and verification of the financial records of a company or firm by a member of its own staff to determine the accuracy and acceptability of its accounting practices.

References in periodicals archive ?
He said the provincial government considers Internal Audit a very important management tool, which the Finance Department has formulated with a technical support from DFID funded Sub-National Governance Programme (SNG).
Participants will also need to demonstrate the benefits to the internal audit department and to the organisation by implementing best practices in terms of effective use of IA resources, reduced audit cycle time, tangible cost savings, employee satisfaction, communication and adaptability to changing organisational needs and audit related benchmarking.
Welcoming the delegates from SAARC member countries and speakers of the seminar, Wathra informed the audience that the Seminar had been conceptualized with a keen view towards sharing knowledge on internal audit practices, standards, systems, latest developments and issues facing internal audit functions in Central Banks across the SAARC region.
SAS 128 clearly states that the degree to which the client's internal audit function possesses these attributes not only detennines whether the external auditor can use the internal audit function in obtaining audit evidence, but these attributes significantly influence the extent to which the internal audit function can be used.
Sixty percent of survey respondents are using data analytics to enhance the internal audit function.
Information technology acceptance in the internal audit profession: Impact of technology features and complexity International Journal of Accounting Information Systems, 10: 214-228.
How involved can or should internal audit be in these areas while maintaining the requisite focus on financial reporting and internal controls?
More and more audit functions are moving in the direction of doing more audits regarding operational and strategic risks, as opposed to just financial or compliance risks," says Brian Schwartz, Americas internal audit leader at Ernst & Young.
Ensure that use of resources available to the department of internal audit are utilized efficiently and effectively.
Independence is a critical aspect of the internal audit function.
The principal roles for internal audit encompass evaluation of business processes, monitoring of the conversion program, risk management and communications, education and training.

Full browser ?