internal audit

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Internal Audit

The process of reviewing business activities in-house to identify inefficiencies, reduce costs, and otherwise achieve organizational objectives. Internal audits may investigate potential theft or fraud and ensure compliance with applicable regulations and policies. They also assist in risk management. In a large company, especially a publicly traded one, internal auditing is conducted by a board independent from any management and answerable only to an audit committee, a subcommittee on the board of directors. The growth of internal audits accelerated following the 2002 passage of the Sarbanes-Oxley Act, which increased the accounting regulations for public companies.

internal audit

The examination of a company's records and reports by its employees. Internal audits are usually intended to prevent fraud and to ensure compliance with board directives and management policies. In contrast, the financial statements presented to stockholders are typically prepared by outside parties to ensure absolute objectivity. Compare external audit.

internal audit

see AUDIT.
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Recurring meetings between the company controller, internal audit staff, and external audit team should foster understanding of the external audit attestation process.
Combining strategic management and internal control processes: a recipe for entrepreneurial competitive advantage
Early implementers (accelerated filers) experienced not only astronomical costs, but heavy burdens on their finance and internal audit staffs.
From lemons to lemonade: why all companies should embrace SOX: in the past, headaches were the norm for public companies implementing Sarbanse-Oxley. Now, they're glad they did
What they are finding is that the often narrow, mechanical nature of Sarbanes-Oxley testing has created a skills gap--particularly with newer internal audit staff members whose professional experience has consisted largely of Sarbanes-Oxley-related work.
A broader array of skills: after years of narrowly focused compliance work, many audit departments are seeing a shift in priorities and a new set of skill requirements
Management's discussion of any remediation efforts most commonly addresses staffing issues--hiring an Internal Audit Director, hiring additional internal audit staff, or engaging an outside consultant.
Building an effective internal audit function: learning from SOX Section 404 reports
The shortage of competent internal audit staff is the top challenge facing chief audit executives, according to a survey by ACL Services Ltd.
Internal auditor shortage among top challenges
Only then can our internal audit staff get out of the compliance checklist business and focus on governance activities.
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The concept of independence extends to the hiring, promotion, and firing of internal audit staff, and to all final decisions relating to reporting results or referring matters to appropriate external authorities.
Overcoming the obstacles to an effective internal control function
We recruited senior internal audit staff who worked alongside PWC to fill the skills gap.
pounds 424,000
In regard to this possible partnering arrangement, it would seem prudent that an informal relationship be cultivated between senior management, ethics officers, and internal audit staff in the organization.
Internal auditors as ethics partners: exploring their role in building the ethical climate of government; In the post-Sarbanes-Oxley world and following numerous ethics lapses in all sectors, internal auditors, ethics officers, and public managers can look to one another for help in maintaining an ethical organization
As my own case has shown, internal audit staff can be placed under tremendous pressure not to disclose their findings.
Whistleblower warns of audit gag lurking in new law; New rules a 'charter for corruption' says man who stood firm
A QI could request the IRS to waive an audit by an external auditor if (1) the QI maintains a substantial and independent internal audit staff and (2) its internal auditors have determined that the QI is in compliance with its agreement for each of three preceding years.
Final guidelines for QI external audits
Management continuing to employ ineffective internal audit staff
Strengthening Internal Controls

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