Internal audit has continuously evolved over the years and now plays a major role in business risk management. To understand this function it is best to first enrich ourselves with some basics on how it works. It is a profession that has come to the limelight very strongly and actually gotten support of governments through various legislation, for instance the widely known Sarbanes Oxley Act.
This profession is regulated by The Institute of Internal Auditors (The IIA). The institute oversees the profession through issuing advisory policies and providing professional standards to the members.
Some universities around the world have commenced programs in this kind of audit which have received a lot of good attention in different parts of the world. Below are some basics about this profession in the business world:
What is internal auditing? Internal auditing adds value to management decisions by pointing out loopholes that needs to be closed on a continuous basis. An internal auditor should understand your business pretty well.