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An Introduction to Internal Auditing
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Difference Between Internal Audit and External Audit
People often confuse internal auditors with external auditors. An internal auditor has got a wide range brief that considers anything which can turn vital to the success of an organization. On the other hand, an external auditor concentrates on the annual reports and financial statements’ accuracy.
The job of internal audit is evaluating the internal controls that include in accounting processes and corporate governance. This guarantees compliance with regulations, laws, data collection and financial reporting. It also helps in maintaining operational efficiency by recognizing issues and correcting lapses prior to them being discovered during an external audit.
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The Procedures of Internal Audit
Internal audits might take place daily, per week, per month, or annually. A few departments might be audited frequently than others. For instance, a manufacturing process might be audited daily for quality control, whereas the department of human resources might get audited only one time in a year. Again, audits might be scheduled for giving managers sufficient time to arrange the required information and documents or they can turn out as a surprise if an illegal or unethical activity is supposed.
The Techniques of Assessment
The techniques of assessment ensure that an internal auditor has a full understanding of the procedures of internal control and whether or not an employee is complying with the internal control directive. For avoiding disrupting regular workflow, auditors start with indirect assessment procedures, like reviewing manuals, flowcharts, departmental control policies or various other existing documentation. They might also conduct interviews with staff when audit trails or document reviews don’t fully answer their questions.
The Techniques of Analysis
The procedures of auditing comprise physical inventory count, transaction matching, account reconciliation, and audit trail calculations as needed by law. The techniques of analysis might examine random data or aim particular data when an auditor believes that an internal control technique requires to be improved.
The Procedures of Reporting
The reporting of internal audit always comprises a formal report and might comprise a memo-style or preliminary interim report. This report commonly comprises significant or sensitive results that an auditor thinks the board of directors requires knowing right away. The ultimate report comprises a summary of the processes and techniques that are used to complete the audit, an account of audit findings and suggestions to improve control procedures and internal controls.
Types of Internal Audit
Some types of internal audit are mentioned below:
- Operational Audit – This kind of audit evaluates the performance of a specific department or function for assessing its effectiveness and efficiency.
- Compliance Audit – This type of audit evaluates the adherence of an area to established standards, regulations, laws, procedures, and policies.
- Financial Audit – The mission of the financial audit is to ensure that the financial activities of a unit, area or department are entirely and accurately reflected in the ideal financial reports.
- Follow up Audit – The aim of a follow-up audit is revisiting an earlier audit’s recommendations to determine if corrective actions were taken and working.
- Investigate Audit – This audit concentrates on particular aspects of an individual or a department’s work.
- IT Audit – The goal of this audit is ascertaining that Information Technology (IT) systems are safeguarding assets, operating for achieving business objectives, and maintaining data integrity.
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