Internal Audit is the continuous and critical appraisal of the functioning of an enterprise relating to its Profile, Processes, Practices and Planning. The Internal Audit process adds value and improves the efficacy of the enterprise's business operatives. It analyses, evaluates, and recommends the measures to enhance business value and bolster the overall governance structure; strategic risk management and internal control system of the enterprise.
The process of Internal Audit encompasses the wide range of elements, viz.
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1. Establishing of compliance of the statutory and regulatory framework, and policies and protocol of the enterprise.
- 2. Warranting optimum utilization of resources.
- 3. Examining and ensuring adequacy, relevance, reliability and timeliness of Security, and Management Information System.
- 4. Assessing, understanding, and analyzing the Risk, Liabilities and losses.
- 5. Identifying areas for process and systems improvement and enhancing the controls.
- 6. Safeguarding the Assets of the enterprise.
