![]() ![]() So, how can an organization plan for a successful internal audit? Read on for our checklist! Internal Audit Checklist Impetus from internal audit reports can encourage optimization, saving the organization in costs and ultimately improving the customer’s experience. Findings from internal audits can be addressed quickly observations can give management greater insight into the business, people, technology, and processes. Internal audits give advantages to organizations pursuing external audits as well as preparing stakeholders and process owners for future audits. Internal audits have the benefit of a looser scope, allowing an organization to focus on those areas that are a priority, or areas that may not be looked at in a formal compliance audit. While external compliance audits are essential, they often have a specific scope and aim - PCI DSS, for example, zooms in on credit cardholder data. Internal audits provide many benefits to an organization, giving management and leadership another lens through which to look at the organization. The Benefits of an Effective Internal Audit Compliance audits are performed by independent, third-party, or external auditors, often certified in the audit that is being performed. Internal audits, as the name indicates, are performed by internal auditors who are employed by the business. The essential difference between internal audits and compliance audits, sometimes referred to as external audits, is who performs the audit. The Difference Between Internal and External Audits Internal auditors will conduct interviews, inspect evidence, test controls, and read policies to understand the environment and validate that controls and processes are working - and working well. What is an Internal Audit?Īn internal audit is a fundamentally independent function that evaluates an organization’s operations, internal controls, and risk management processes with the aim of improving the organization’s effectiveness and efficiency. Use the checklist below to get started planning an audit, and download our full “ Planning an Audit: A How-To Guide” for tips to help you create a flexible, risk-based audit program. One of the guide’s highlights is a comprehensive checklist of audit steps and considerations to keep in mind as you plan any audit project. What can internal auditors do to prepare a more comprehensive scope for their internal audit projects? And where can internal auditors find the subject matter expertise needed to create an audit program “from scratch”? AuditBoard’s “ Planning an Audit: A How-To Guide” details how to build an effective internal audit plan from the ground up through best practices, resources, and insights, rather than relying on templated audit programs.
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