Internal audit offers risk management and evaluates the effectiveness of many different aspects of the company.
Types of internal audit include financial, operational, compliance, environmental, IT or for a very specific purpose.
Internal audits provide management and the board of directors with an additional service to identify and correct deficiencies in the process prior to external audits.
Similar to external audits, internal audits are conducted through planning, auditing, reporting and monitoring stages.
Internal audit can improve the efficiency of operations, motivate employees to adhere to company policy and allow management to examine specific areas of their activities.