Question

explain to your new team “the top 5 lessons you consider important to your career in auditing” from your study of the internal audit.                                                                    

Answer 1

1.Increase in productivity: Internal auditing is an objective assurance and consulting activity designed to add value and improve an organisation’s operations.

2. Confidence to stakeholders: The internal auditor reports to executive management that important risks have been evaluated and necessary improvements highlighted.

3. Detection of frauds: Regular internal audits assess a company’s controls and help uncover evidence of fraud, waste or abuse.

4. Quality control: Internal auditors play the role of combining assurance and consulting. Assurance informs the management how well systems and processes are designed to keep the company’s goals on track.

5. Good corporate governance: Internal audits evaluate a company’s internal controls, including its corporate governance and accounting processes.