Performing routine internal audits in your organization allows the business to determine areas where it could improve, ensures regulatory compliance and is a valuable way to evaluate company performance and manage risk.
The Institute of Internal Auditors (IIA) globally accepted definition of internal auditing states that:
“Internal auditing 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.”
Periodic internal audits ensure the company has the ability to perform competitively and continue to grow. Auditors do this by:
- Objectively reviewing an organization’s business processes
- Assessing the risks and controls of the organization
- Ensuring that the company is complying with relevant federal and state laws and statutes
- Looking for fraud and theft of the organization’s assets
- Making recommendations on how to improve internal controls and governance processes to the company’s owners or governing boards
Independence is essential for an effective internal audit. Outsourcing the internal audit and having a third party carry out the duties and responsibilities is an excellent business investment. Businesses who routinely bring in a third party auditor, like Competitive Edge Performance Solutions, prove to have better management control, regulatory compliance, business processes, risk management and governance processes.
If you are seeking an independent internal audit, give us a call at (843)297-2596 for more information.
To learn more about how Competitive Edge Performance Solutions can help you achieve your goals, click here.
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