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What is the importance of internal audit department in an organisation?

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Question added by Jawad Qureshi , Financial Consultant , AFAZA FZ LLC/Midas Safety Dubai
Date Posted: 2014/11/18
Mohammed Salim Allana
by Mohammed Salim Allana , Compliance and Assurance Manager , United Arab Bank

The important of Internal Audit (IA) is very crucial from the controls and compliance perspective. The periodical review of each business / functions ensures that the objectives, user (SOP) manuals and controls are in place and provide assurance to Board Risk and Audit committees. This ensures proper Corporate Governance and Audit Risk controls are working effectively and efficiently.

Satish Koottala
by Satish Koottala , Accountant , City Diamond Contracting LLC

Its keeps out books in good shape in the right interval. Internal Auditor will be more capable of understanding operational transaction in your company and what are the things to concentrate more on.

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