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By assuring that operational activities under audit are in compliance with the governing regulations and policies.
This assurance he gives by presenting the real picture of the activities being performed in the organization by assigning risk rating to each activities based on level of deviation from the prescribed regulations/ policies. Furthermore, an internal auditor ensures optimum use of available resources from the propriety view as well. Based on his level of understanding, he recommends to the management to carry on certain operational activities in a more effective and profitable manner.
Hence, all these efforts of an internal auditor gives an assurance to the stakeholders that internal audit function gives the back up support to the organization in achieving desired business objectives.
The internal audit activity adds value to the organization (and its stakeholders) when it provides objective and relevant assurance, and contributes to the effectiveness and efficiency of governance, risk management, and control processes.
1. provide assurance on controls
2. evaluate controls
3. review compliance with policies
4. review critical control systems and risk management processes
5. report on activities
6.follow up on the implementation of recommendation
7. conduct investigations
8. ensure business assurance resources are directed at areas that add value.
