Internal audit

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations.

Internal audits are a key management control activity that ensures the internal business processes are consistent.

An internal audit is a form of audit process that occurs within the organisation to assess the conformity of internal processes and systems. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Phases of an internal audit:

  1. Preparation Phase – Documentation and gathering of information and deciding on tests required.
  2. Performance Phase – We perform audit work to review and evaluate whether appropriate key controls exist and, if so, that they operate effectively.
  3. Reporting Phase – The report will include a summary of the objectives, list of nonconformities and any relevant observations.
  4. Follow-Up Phase – Follow up audits are required to ascertain whether appropriate action has been taken to rectify any nonconformities that were identified. These follow up audits should of course be prepared, performed, and reported along the same lines as the original audit, to ensure their effectiveness.

Let us help you make recommendations regarding the implementation of internal controls in your business and help management monitor the effectiveness of the controls in an ever-changing environment.

You can learn more about internal controls here.

What questions do you have?

We are happy to help. Please post your comment below or call Lisa Byrne, Audit Manager at Cooney Carey, on 01 677 9000. Alternatively, send her an email: lbyrne@cooneycarey.ie 

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    Posted on May 6, 2019 by Lisa Byrne