As per IIA (Institute of Internal Auditors)
"Internal audit is a dynamic profession involved in helping organisations achieve their objectives. It is concerned with evaluating and improving the effectiveness of risk management, control and governance processes in an organisation ."
In Internal audit assignments we work with management to systematically review systems and operations. These reviews (audits) are aimed at identifying how well risks are managed including whether the right processes are in place, and whether agreed procedures are being adhered to. Internal Audits can also identify areas where efficiencies or innovations might be made. Internal audits are organised under an ongoing program of review and advisory activity this is based on the strategic needs of an organisation.
In the course of internal audit, we work across all areas of an organisation. In addition to core areas of financial control and IT, we review the tangible aspects of operations, such as an organisation’s supply chain or IT systems; as well as more intangible aspects such as organisational culture and ethics. In fact, any system that has an impact on the effective operation of an organisation may be included in internal audit’s scope.
Internal audit reports are presented to the CEO and board (via the audit committee) as they provide an independent viewpoint on the extent to which an organisation is poised for success and advice on areas for improvement. As Internal auditors we work in all sectors (public, private and not-for-profit) and may outsource a fulltime employee to the organisation and manage the outcomes and presentation of the final report.
Internal audit is often confused with external audit, however, there are significant differences between these jobs. External audit focus on the accuracy of the annual report and financial statements whereas the internal audit has a wide reaching brief which considers anything which might be important to an organisation’s success.
Suhaila & Associates Chartered Accountants follow The IIA's internationally recognised framework for internal auditing. The International Professional Practices Framework (IPPF) comprises mandatory guidance which is required and essential for the professional practice of internal auditing, and strongly recommended guidance which describes practices for effective implementation. These standards apply globally and practiced in most of the medium and large enterprises.