THE ROLE OF INTERNAL AUDIT is to provide independent assurance that the Corporation’s risk management, governance, and internal control processes are operating effectively.” Internal auditing objectively enhances the Corporation’s business practices.
The Five Cs of Internal Audits
- C1 – Criteria. The first step begins with criteria. ...
- C 2- Condition. ...
- C 3 – Cause. ...
- C 4 – Consequences. ...
- C 5 – Corrective Actions. ..
- Concluding Thoughts.
Who performs Internal Audit
Internal auditors are employees of an organization whose responsibility is to assist management in achieving the organization's tactical and strategic objectives by identifying and assessing risks that could deter from meeting these objectives.
Types Of Internal Audits Include
- Compliance Audit
- Operational Audit
- Financial Audit
- Information Technology Audit
Internal Audit Report
Internal auditors typically issue audit reports that summarizes their Objectives, scopes, findings, cause, criteria, recommendations, and any responses or action plans from management. This report is issued on a quarterly basis.