Internal Audit


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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 ?
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.
Factors associated with IT audits by the internal audit function.
Whether you are a public company or a private company you can get a lot of value out of internal audit."
"So we see the internal audit function as ideally suited to provide some assurance to the board on how well risks are being managed."
Among the other areas covered are Internal audit and the global financial crisis, internal audit assurance and consulting roles, and the implications of internal audit independence and objectivity.
The supervisor set a plan for the development of human resources in the Department of Internal Audit.
In his concluding speech, Abdulqader Obeid Ali, president of UAE Internal Audit Association, said: 'We had a successful week starting with the 12th Regional Gulf Audit Conference followed by the First Chief Audit Executives Conference.'
"Internal audit is realigning to handle the most complex issues I've ever seen," says the IIA's Chambers.
This has been a particular concern since the enactment of Section 404 of the Sarbanes-Oxley Act of 2002, which has resulted in internal audit functions devoting more resources to evaluating and improving internal controls.
The principal roles for internal audit encompass evaluation of business processes, monitoring of the conversion program, risk management and communications, education and training.
The Internal Audit Code of Practice will be the first comprehensive set of audit benchmarks for non-financial services firms.

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