Answered Essay: what is an internal audit? Why is it necessary? What is the process of performing an internal audit?

what is an internal audit? Why is it necessary? What is the process of performing an internal audit?

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Internal audit is the examination of company’s performance, its internal control, business structure, organization and its financials in order to detect any fraud or error and add some value to the present process. It is reportable to management of the company. A company may have its own internal audit department or may outsource the same to a consulting/audit agency.

It is necessary because the company has various levels of employees with diverse interest. It puts a check on the regular operations of the company. Internal Audit provide a level of assurance to the management so that fraud or error if any is detected and resolved before the findings of stat-utory auditors so that the audit report is not qualified.

Process of performing an internal audt:

1. Determine the scope of the audit

2. Understand the business of client including all operational details

3. Identify the key risk area in each business process

4. Understand the control environent of the process

5. Analyse if the internal control is sufficient to mitigate the risk.

6. Check if the internal control as stated by the business is correctly implemented.

7. Take few samples on a rndom basis and check if they are correctly accounted for.

8. In case of any discrepancy, report to the management.

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