What Is Internal Auditing and What Do Auditors Do?
The Institute of Internal Auditors has developed explanations of what internal auditors do. Below are excerpts from their publication: All in a Day’s Work: A Look at the Varied Responsibilities of Internal Auditors
What Is Internal Auditing?
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations.
Who Are Internal Auditors?
Internal auditors are explorers, analysts, problem-solvers, reporters, and trusted advisors. They bring objectivity and a variety of skills and expertise to the organization. They come from diverse areas such as finance, operations, IT, and engineering. Today’s internal audit professionals are revered for their critical thinking and communication skills, as well as their general IT and industry-specific business knowledge. Still, people often confuse internal auditors with accountants or external auditors (entities the organization engages to provide an annual review of the financial statements). The differences are significant.
Internal Audit Responsibilities
Depending on the structure, maturity, and resources of the function, internal auditors may perform some or all of the following tasks.
- Offer Insight and Advice
- Evaluate Risks
- Assess Controls
- Ensure Accuracy
- Improve Operations
- Promote Ethics
- Review processes and Procedures
- Monitor Compliance
- Assure Safeguards
- Investigate Fraud
- Communicate Results
Read the full version from The Institute of Internal Auditors here