People often ask: is an internal audit necessary? What if we’re a smaller organization, should we be spending our already limited resources on an internal audit program? If your clients depend on you to provide efficient, compliant, and secure services, then the answer is a resounding “yes”. Internal auditing is an important function of any information security and compliance program and is a valuable tool for effectively and appropriately managing risk. Are we ensuring we are doing what we say we’re doing? Are there gaps in our policies and procedures? Are there any areas for improvement? Are we meeting our compliance goals? These important questions are addressed through internal auditing.
What is internal assessment in auditing?
Standard 1311 – Internal Assessments states, “Internal assessments must include: • Ongoing monitoring of the performance of the internal audit activity. • Periodic self-assessments or assessments by other persons within the organiza- tion with sufficient knowledge of internal audit practices.”
What is internal assessment and internal audit?
An internal audit activity must obtain an external assessment at least every five years by an independent reviewer or review team to maintain conformance with the Standards. Internal assessments are ongoing, internal evaluations of the internal audit activity, coupled with periodic self-assessments and/or reviews.
What are the nature of internal audit activity?
Internal Audit is a control that is concerned with the examination and appraisal of other controls. The ultimate purpose of internal audit is protection of the properties or assets of the business, not only from fraud but also from other factors like waste, loss, etc.
What is nature and scope of internal audit?
The scope of internal auditing within an organization is broad and may involve topics such as the efficacy of operations, the reliability of financial reporting, deterring and investigating fraud, safeguarding assets, and compliance with laws and regulations.
| 
