What does Internal Audit Look for?
Basically, Internal Audit looks at what is happening and compares it to what should be happening, as defined by:
- Laws, rules, regulations, policies
- Sound business practices
- Strategic Planning – clarity of objectives/goals; risk assessment
- Culture, Management Style, Synergism
- Knowledge of authority
- Clarity of responsibilities
- Communication
- Awareness of applicable laws, rules, regulations, policies
- Presence of controls to ensure objective are achieved
- Segregation of responsibilities
- Monitoring
- Evaluation and continuous improvement
