Asked by: Aracelys Petzbusiness and finance business operations
Why do we need internal audit?
Last Updated: 2nd May, 2020
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Correspondingly, why is internal auditing important?
Internal auditing provides insight into anorganization's culture, policies, procedures, and aids board andmanagement oversight by verifying internal controls such asoperating effectiveness, risk mitigation controls, and compliancewith any relevant laws or regulations.
Secondly, why do you want to be an internal auditor? Internal auditors get the opportunity every dayto make a notable difference. They are allies to management inevaluating and improving the effectiveness of risk management,internal controls and governance processes that managementhas put in place. They must be reliable in their ability to assesskey issues.
Regarding this, why do we need to audit?
Audits help businesses uncover problems andensure efficiency. Here are the top 5 reason to conduct anaudit: To instill a sense of confidence in management thatthe business is functioning well and you are prepared to meetpotential challenges.
What is the purpose of an audit?
The purpose of an audit is to provide anobjective independent examination of the financial statements,which increases the value and credibility of the financialstatements produced by management, thus increase user confidence inthe financial statement, reduce investor risk and consequentlyreduce the cost of capital