6 Benefits of Internal Auditing

Internal audits are required if you want to be confident that your organization is meeting its core business objectives.

Internal audits will assist you in saving time and money while keeping your organization running like a well-oiled machine.

Internal audits are critical if you want to protect your company from fraud and prevent fraudulent practices.

Internal audits will tell you what you need to do and how to do it if you want to reduce risks in your operations, finances, cybersecurity, and other areas of concern.

You'll want regular internal audits if you want to make sure you're following the laws, regulations, and standards that apply to your organization—and if you want to save money and time when external auditors test your compliance.

Ask your internal auditor if you want to be able to confidently tell your board of directors and audit committee that the entity's internal controls and business processes are functioning as they should.


If you want to be able to tell your board of directors and audit committee with confidence that the entity’s internal controls and business processes are functioning as they should, ask your internal auditor.

Internal audits provide so many business advantages that we could write an entire book about them. Suffice it to say, aside from the cost of hiring an auditor—and these highly trained, certified professionals aren't cheap—there aren't any drawbacks. And, by automating, you can even save money.



What an internal auditor does

The internal audit process is defined as follows by the Institute of Internal Auditors (IIA):

“Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve the operations of an organization.” It assists an organisation in achieving its goals by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes.”

6 benefits of internal auditing

1. Strong internal controls. Internal controls that are strict. The primary responsibility of your internal auditor is to evaluate your company's control environment.

2. Efficiency. Internal audits identify redundancies in your business practises and procedures, as well as your governance processes, and make recommendations on how to streamline to save time and money.

3. Security. Internal audits examine your cybersecurity environment, such as counting all of your digital devices and determining whether they are secure in accordance with your policies. They also look for flaws in your digital systems and networks and advise you on how to patch them.

4. Integrity. Internal audits examine and verify the accuracy and integrity of your financial statements.

5. Reduced risk. Internal audits examine all of your enterprise's identified risks and determine whether your risk mitigation measures are effective. If they aren't, audit reports will tell you what you need to do to fix the problem.

6. Improved compliance. Internal audits examine the laws, regulations, and industry standards to which your organization is required to adhere and determine whether or not you are in fact in compliance. Where you fall short, auditors will advise you on how to fix the problem.

With internal audits taking care of themselves, you can focus on other things, such as growing your business and improving your bottom line. Internal audits that are worry-free. Please contact us right away for a free consultation.

If you’re not yet an Accotax (Accountants in London) client, we can make paying yourself tax-efficiently easy, with all your HMRC payroll and dividend forms taken care of. Even better, you’ll get all the support and advice you need, plus all your company tax filing taken care of. We can even prepare and file your annual Self Assessment tax return. Find out more about our great-value Limited company accountantsPackages.

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