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- Audit of sub-systems- Operational audit and management audit- Internal audit participation in projects- Management of audit activities
The internal audit function provides the board and senior management with analyses, findings, and corrective action recommendations on the activities, operations, and products tested. To that end, the internal audit function is a critical aspect of maintaining an environment of continual improvement.
Internal audits provide a number of important services to company management. These include detecting and preventing fraud, testing internal control, and monitoring compliance with company policy and government regulation. Smaller companies may require these functions even more than large companies. A small business simply cannot afford employee fraud, waste, or a government fine. Establishing an internal audit function provides a vital step in the growth of a small business.
