What Is internal auditing?

[cherry123]

Internal auditing is an audit on the business books of accounts that is carried out by internal auditors which are auditors that are employed by the company.

So their core duty will be to perform an audit, and the resulting audit report will be presented directly to management and the board of directors for their assessment so that they can carry out an informed decision

 

[Niyi Briggs]

It is important to have your financial statements by vetted auditors. It gives authenticity to the financial statements and make them worthy to be sent out.

 

[Heatman]

It is important to have your financial statements by vetted auditors. It gives authenticity to the financial statements and make them worthy to be sent out.

One of the reason why I believe that auditing is very important in your business is so that you will know when your workers are stealing from your business and killing your business indirectly.

 

[cherry123]

Sure that's one of the whole essence of auditing you will get to know quickly when your workers are stealing from your business and you can get the thief out immediately

 

[IB D]

Some companies even use forensic auditing these days. The truth is that auditing is important because your accountants can be compromised to pad the financial statements. But I feel auditing is better being outsourced.

 

[Heatman]

Some companies even use forensic auditing these days. The truth is that auditing is important because your accountants can be compromised to pad the financial statements. But I feel auditing is better being outsourced.

I actually have the same feeling about outsourcing auditing in your business because if it's something that is done internally, there is a high chance of bribing the department that will take care of the other thing to cover up some tracks.

 

[hastral45]

Internal auditing is imperative in business operations. Internal auditing when the business used the internal mechanism to assess and evaluate the stocks of the company. It is through internal auditing that the company got to know its financial status. Auditing reflects in its record, receipts and expenditures.

 

[Chibson]

Just like the name suggests it is always done within the business. it is always done by people employed by the business ventures.

 

[IB D]

Internal auditing is imperative in business operations. Internal auditing when the business used the internal mechanism to assess and evaluate the stocks of the company. It is through internal auditing that the company got to know its financial status. Auditing reflects in its record, receipts and expenditures.

Most organizations don't use internal auditors. There is a risk that they might be compromised since they are within the system. They prefer to use auditing firms to run their auditing.

 

[Shavkat]

Most organizations don't use internal auditors. There is a risk that they might be compromised since they are within the system. They prefer to use auditing firms to run their auditing.

You said it right. Most of them hire external auditors to prevent from having some issues within the company. The local government agencies in my country were being audited at random.

 

[IB D]

What is the essence of having an internal auditor when you already have accountants in your organization. It is better to hire auditing firms to do your audit if you truly want an independent auditing process.

 

[hastral45]

Internal auditing is the mechanism employed by corporate institutions to stake the stocks of their financial records. When this exercise is carried out using the internal structures like company financial officials without engaging the services of external auditors.

 

[Heatman]

Just like the name suggests it is always done within the business. it is always done by people employed by the business ventures.

It is something that is very important to be carried out by any business establishments especially on a yearly basis in order to make sure that everything checks out financially with the business.

 

[Chibson]

What is the essence of having an internal auditor when you already have accountants in your organization. It is better to hire auditing firms to do your audit if you truly want an independent auditing process.

I think you're right. Accountants in the business venture will do the work of an internal auditor. Hiring auditing firm in this regard is the best choice.

 

[Suba]

@cherry123, I agree with you, basically internal audits are carried out as part of control, especially to improve company efficiency or performance, ensuring that financial transactions are recorded in accordance with procedures and comply with the accounting principles applicable in a country. Internal audit only functions as internal company information and cannot be used for external purposes such as taxes, banks and investors

 

[Starmix]

There's an internal auditor in my previous workplace. But in the government sector like in the university where I work, there's no internal auditor but COMMISSION ON AUDIT. It's very strict and the university Human Resource and Finance Offices are very careful in handling finance matters and releases.

 

[Springtime]

Internal auditing is an objective review of a company's internal systems, processes and procedures. It helps to improve the company's overall efficiency, productivity and operations. It's good that a company carries out internal auditing regularly.

 

[Suba]

There's an internal auditor in my previous workplace. But in the government sector like in the university where I work, there's no internal auditor but COMMISSION ON AUDIT. It's very strict and the university Human Resource and Finance Offices are very careful in handling finance matters and releases.

The Commission on Audit is an independent auditor belonging to the Filipino government whose job is to audit and examine assets and expenditures of government agencies. In contrast to an internal auditor, he is an employee of the private company where he works,

 

[King Belieal]

I won't have an internal auditor if I had owned a company. Internal auditors can easily form cliques with staff and won't want to expose a staff in his clique caught to be defrauding the company.

 

[Ratine]

The internal audit is therefore carried out by the staffs of the business company internally before the main auditing that is normal done by the national government or other external governing bodies.