THE VALUE INTERNAL AUDIT BRINGS TO AN ORGANIZATION

Abstract

ABSTRACT Organizations expect a return on their investment in the internal audit (IA) effort - a return that covers a range of values that IA brings to an organization in several functional areas. Senior management and the board rely on internal auditing advice and counsel for everything from analysis of operations and assessing risk to recommendations for improved corporate governance. IA adds value through their deep insight into the organization, objectivity with which the organization culture is viewed, system of internal control, and risks. IA also provides assurance that policies are followed, laws and regulations are adhered to, and controls in place are adequate to mitigate risks. Internal auditors use their vast knowledge and experience to provide innovative methods of adding value for an organization’s success. If the organization succeeds, internal auditing does as well.