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
