Introduction to Internal Auditing

Question 1

Definition of Internal Auditing

Answer 1

Internal audit is an independent , objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Question 2

Elements of the Internal Audit

Answer 2

I. Independence and Objectivity
II. Assurance and Consulting Services
III. Value Added
IV. Improvement of the organization’s operations
V. Support the achievement of the organization’s objectives
VI. Governance, risk management, and control processes