Why is internal auditing important to a firm and the nation in general?
Every organisation whether it is for profit or not for profit has objectives to achieve. In a process of achieving its objectives an organization faces a number of risks such as fraud. To mitigate risks, organisations put in place controls which include processes, procedures, policies and circulars developed by the board and management to be applied by everybody in an organisation to provide reasonable assurance that risks are mitigated and objectives are achieved. The overriding role of internal audit is to help an organisation accomplish its objectives by evaluating and improving the adequacy and effectiveness of risk management, control, and governance processes. The scope of internal audit evaluation include assessment of the reliability and integrity of financial and operational information; effectiveness and efficiency of operations, processes and procedures in place to safeguard assets and achieve objectives and compliance with laws, regulations, and contracts. It is apparent th
