Internal auditing is an objective activity, based on a systematic approach, to evaluate and improve the effectiveness of an organization’s risk management, control, and governance processes. The purpose is to help organizations achieve their objectives in an effective and responsible manner in accordance with stakeholder expectations. The internal audit function does this through verifying that the internal control systems of an organization are working effectively and according to approved and accepted standards. The scope of auditing activities can be differentiated across distinct areas, but it encompasses all types of risks and controls, including operational, technical, and financial ones.

Internal auditing has two key functions. First, it provides management with information and assurance on the extent to which the risk management, control, and governance systems are ...

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