Internal audit process

Internal audit process is the process of executing the specific assignment audit plan and making various considerations with an aim of appraising a business process or whole business at large.

This process starts with risk assessment which helps an auditor to effectively allocate resources to areas that need more attention.

A review of an organization’s IT risks is of utmost importance since information is a great organizational asset.

Organization information should be processed effectively to reduce risks and increase value to the to stakeholders.

Audit performance
Executing an audit
IT audit checklist
IT Audit planning

Internal Audit report
Audit report structure

Control self assessment
Internal control effectiveness

Internal control standards
Control framework

COSO internal framework
Internal audit and COSO

In addition management of internal controls and use of enterprise risk management significantly improves productivity of employees and optimal resource use.

Internal audit procedures are executed using either available Microsoft application software or audit dedicated software.

For instance Teammate is among the pioneer audit software which have been in the market for a while now and is generally popular for its effective audit management.

It has automated working papers where an auditor documents his audit evidence. It is flexible to attach audit evidence already recorded in MS- word, excel or scanned documents.

Additionally it has risk management function where the evaluator can define audit entity's objectives, risks and recommendations.

One can also be able to allocate weight to risks based on past experience or information gathered by entity's managers.

There are however other audit software available for audit management.

Coso ERM framework
The COSO framework eight key components:.

Audit performance measures
IA key performance indicators

Internal audit software
Benefits of using internal audit software.

The audit opinion
How to issue an internal audit opinion.

Integrated audit
Holistic approach to internal audit process

Continuous monitoring process
Ensuring effective operations

Corporate governance
Understanding corporate governance

Compliance audit
Compliance efforts responsibility

Audit quality review
Compliance efforts responsibility

Internal Audit boss
To whom should the internal audit department report?


Audit process is aimed at identifying risks that would be a challenge to meeting organisational objectives.

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