Internal audit is a function within an organization that provides independent and objective evaluations of its operations, processes, financial controls, and risk management. The primary goal of internal audit is to ensure that an organization’s internal controls, risk management practices, and governance processes are operating effectively, efficiently, and in compliance with relevant laws, regulations, and standards.

Symosis can help with following key internal audit activities

Independence and Objectivity

  • Internal auditors are typically independent from the processes they audit. This independence ensures that their assessments are unbiased and objective. They provide an internal perspective, evaluating the organization’s activities critically.

Risk Assessment

  • Internal auditors identify and assess risks that the organization faces, including operational, financial, compliance, and strategic risks. They determine the potential impact of these risks on the organization’s objectives.

Control Evaluation

  • Internal auditors evaluate the design and effectiveness of internal controls in place to mitigate risks. These controls might involve processes, procedures, policies, and technology solutions that aim to safeguard assets and ensure accurate financial reporting.

Process Examination

  • Internal auditors review various processes within the organization, including financial processes, operational processes, and compliance processes. They assess whether these processes are efficient, effective, and aligned with the organization’s goals.

Compliance Verification

  • Internal auditors verify that the organization is adhering to relevant laws, regulations, and industry standards. They ensure that the organization’s activities are conducted within legal and ethical boundaries.

Reporting and Recommendations

  • After completing their assessments, internal auditors provide reports to management and, in some cases, to the board of directors or audit committee. These reports detail their findings, highlight areas of concern, and offer recommendations for improvement.

Continuous Improvement

  • Internal audit plays a role in promoting continuous improvement within the organization. By identifying weaknesses, suggesting improvements, and monitoring the implementation of recommendations, internal auditors contribute to enhancing processes and controls.

Advisory Role

  • Internal auditors may also provide advisory services, offering insights and guidance to management on how to strengthen controls, manage risks, and improve overall operations.