What is Internal Audit?

Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

Internal audit activities include audits, reviews of costs, system and financial analyses, analyses of operating procedures, monitoring the implementation of audit recommendations, and other assigned functions. Based on the results of these activities, the Office of the Internal Auditor will make recommendations for improving effectiveness and efficiency of operations and for ensuring compliance with applicable laws, rules, regulations, policies and directives.

A typical internal audit is an independent and objective appraisal of the control systems inherent in a unit's or an activity's policies, procedures and practices. Internal audit reviews can help you determine whether there are appropriate internal controls over your business activities and processes and can assist you with improving the efficiency and effectiveness of your operating procedures.

The emphasis of an internal audit is constructive improvement. Internal Audit is more interested in helping an organizational unit than in locating and reporting episodic, non-systemic errors.