Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations by evaluating risk management, control, and governance processes. It helps organizations achieve objectives by bringing a systematic approach to assessing efficiency, compliance, and financial accuracy. It differs from external audits by focusing on internal improvement rather than financial reporting for outsiders.

Core Objectives of Internal Audit

• Evaluate Risk Management: Identifying and mitigating risks to the business.
• Strengthen Internal Controls: Ensuring policies, procedures, and safeguards are effective.
• Improve Operational Efficiency: Identifying bottlenecks and improving processes.
• Ensure Compliance: Verifying adherence to laws, regulations, and internal policies.
• Prevent Fraud: Detecting vulnerabilities and recommending improvements.