Successfully Managing Risk
The ambition of an internal audit is to help your business and to comply with the requirements of the ISO standards.
The purpose of adhering to the rules laid down in your internal audit management plan is to ensure your business meets its primary objectives.
Before you have an internal audit performed, you should first consider the purpose in your case. You should also be aware of the differences between internal and external audits to understand which is most suited to your needs.
The Value of Internal audits
Internal auditors look at the aspects of the business which affect its performance and survival. Internal auditors will look past the financial statements and risks to identify the problems in the business as a whole. Some of the aspects that an internal auditor looks at include:
- The reputation of the organisation.
- The growth of the organisation.
- Change in the organisation.
- The impact the organisation has on the environment.
- Competence of staff and personnel.
- Risks and opportunities.
- Legal Compliance.
Internal auditors are used to helping the companies succeed and tackle diverse issues. The auditors will assess the aspects of the organisation, and then tell the managers what the problems are and what they believe the solutions could be. It is sometimes very hard to see the issues within your own organisation; less still find the solutions. Internal auditors come into the organisation with a fresh pair of eyes, and tremendous amount of experience in analysing, understanding and troubleshooting.