Audit & Assurance, Internal Audit, Types of Internal Audits

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

Internal audits evaluate a company’s internal controls, including its corporate governance and accounting processes. These audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection. Internal audits also provide management with the tools necessary to attain operational efficiency by identifying problems and correcting lapses before they are discovered in an external audit.