Internal Audit is an independent, objective assurance and consulting activity designed to evaluate and improve the effectiveness of risk management, control and governance processes. It provides management with insights into operational efficiency, control adequacy and compliance with internal policies.
Scope of Internal Audit
The review typically encompasses:
Assessment of internal control frameworks
Evaluation of operational processes and efficiency
Review of risk management practices
Verification of compliance with policies and procedures
Examination of financial and non-financial reporting processes
Methodology
A structured approach is followed:
Risk assessment and audit planning
Process walkthroughs and control testing
Identification of control gaps and process improvements
Documentation of findings and recommendations
Follow-up on implementation of agreed actions
Key Focus Areas
Internal Audit supports continuous improvement of governance, risk mitigation and operational reliability across business functions.