Internal Audit

Audit Strategy: Definition | Example | Purpose | Overall Audit Strategy

Overview: Audit strategy generally means the combination of audit approach to be used, resources management and allocation, timing of the audit, and the way how the audit engagement is managed. For example, the auditor will use risks based audit approach or a top-down approach to conduct audit assignments. Another example, auditors just engage with the …

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10 Differences Between Internal Audit and External Audit You Should KNow

Internal audits and external audits are both the watchdog of entities and shareholders; however, there are some key differences between internal and external audits from some perspectives. For example, purpose, employment, legal requirement, reporting, and so on. The following are the key differences and similarities between internal audit and external audit: The Different between External …

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4 Code of Ethics of Internal Auditors- With Detail Explanation

Overview: IIA Code of ethics has a similar objective to other codes of ethics. Its main objective is to promote the ethical activities that perform by organizations or individuals which provide internal audit services. The four typical common Internal Auditor codes of Ethics provided by IIA are Integrity, Objectivity, Confidentiality, and Competency. This Code of …

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Internal Audit: Definition | Purpose | Authority | Responsibilities | Internal Audit Plan

Internal Auditing Definition: Internal audit is an independent and objective consulting service, which is designed to add value to the business and improve the entity’s operation. It provides a systematic and disciplined approach to evaluating and assessing risk management, internal control, and corporate governance. Internal audit activities are generally focused on three principles areas including, …

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Internal Audit Vs. External Audit: Key Differences You Should Know

Overview The internal audit function relates to the internal control and risk management of an organization. It ensures a company follows the adopted accounting standards. The external audit function provides a fair and independent opinion about the financial statements of an organization. They report independently to the shareholders of the company. Both internal and external …

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Internal Auditor’s Responsibilities on Fraud

Establishing the internal audit department is part of internal control and risk management in the organization, which is why the internal audit department exists. The risks that internal auditors should oversee are limited to internal control, operational risks, compliance risks, financial risks, and the risk of fraud. In this article, we will discuss the role of …

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What is Internal Audit Department? (Responsibilities and More)

Overview: The internal Audit Department is the independent or non-operation department in the organization set up by the board of directors and audit committee to perform internal audit services in the company. It is part of the company’s risk management since part of the internal auditor’s responsibility is also to assess how the company’s risks …

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