THE DEFINITIVE GUIDE TO INTERNAL AUDITS: WHAT EVERY BUSINESS NEEDS TO KNOW SUCCESS
Discover the definitive guide to internal audits and learn what every business needs to know for success. As a business owner, you understand the importance of ensuring the financial health and stability of your organization. One crucial aspect of achieving this goal is conducting regular internal audits. In this comprehensive guide, we will delve into the world of internal audits, exploring what they entail, their benefits, and how to implement them effectively. Whether you’re a small business owner in Ontario or a large corporation in Canada, this guide is designed to provide you with the knowledge and expertise needed to navigate the complex world of internal audits.
WHAT IS AN INTERNAL AUDIT?
An internal audit is a systematic examination of a company’s financial records, processes, and internal controls. Its primary objective is to ensure that the organization’s financial statements are accurate, reliable, and compliant with relevant laws and regulations. Internal audits are typically conducted by an independent auditing team within the organization, which reports directly to the audit committee or senior management.
PURPOSE AND OBJECTIVES OF INTERNAL AUDITS
Internal audits are a crucial component of an organization’s internal control framework, and their purpose and objectives are multifaceted. In this section, we will delve into the details of the purpose and objectives of internal audits, and explore how they contribute to the overall success of an organization.
PURPOSE OF INTERNAL AUDITS
The primary purpose of internal audits is to provide assurance to stakeholders that an organization’s financial statements are accurate, reliable, and compliant with relevant laws and regulations. Internal audits achieve this by examining the organization’s internal controls, risk management processes, and governance structures.
Internal audits also play a critical role in identifying areas of improvement within an organization. By examining business processes and procedures, internal auditors can identify inefficiencies, weaknesses, and areas of non-compliance, and provide recommendations for improvement.
Furthermore, internal audits help organizations to mitigate risks and minimize losses. By identifying potential risks and vulnerabilities, internal auditors can provide recommendations for remedial action, and help organizations to implement effective risk management strategies.
OBJECTIVES OF INTERNAL AUDITS
The objectives of internal audits are diverse and far-reaching. Some of the key objectives of internal audits include:
1. To ensure the accuracy and reliability of financial statements: Internal audits verify the accuracy and completeness of financial data, and ensure that financial statements are presented fairly and in accordance with relevant accounting standards.
2. To evaluate the effectiveness of internal controls: Internal audits assess the design and operating effectiveness of internal controls, and identify areas where controls may be inadequate or ineffective.
3. To identify and assess risks: Internal audits identify potential risks and vulnerabilities, and assess their likelihood and potential impact on the organization.
4. To evaluate the effectiveness of risk management processes: Internal audits assess the effectiveness of risk management processes, and identify areas where processes may be inadequate or ineffective.
5. To ensure compliance with laws and regulations: Internal audits verify that an organization is complying with relevant laws and regulations, and identify areas where non-compliance may exist.
6. To identify opportunities for improvement: Internal audits identify areas where business processes and procedures may be improved, and provide recommendations for remedial action.
7. To evaluate the effectiveness of governance structures: Internal audits assess the effectiveness of governance structures, including the board of directors, audit committee, and senior management.
HOW INTERNAL AUDITS ACHIEVE THEIR OBJECTIVES
Internal audits achieve their objectives through a combination of the following:
1. Risk-based auditing: Internal auditors use a risk-based approach to identify areas of high risk and prioritize their audit efforts accordingly.
2. Audit planning: Internal auditors develop a detailed audit plan that outlines the scope, objectives, and timeline of the audit.
3. Fieldwork: Internal auditors gather evidence and data through interviews, observations, and examination of documents.
4. Reporting and follow-up: Internal auditors present their findings and recommendations to management and the audit committee, and follow up to ensure that remedial action is taken.
BENEFITS OF INTERNAL AUDITS
Internal audits are a crucial component of an organization’s internal control framework, and they offer numerous benefits to businesses of all sizes and industries. In this section, we will delve into the details of the benefits of internal audits, and explore how they can help organizations achieve their goals and objectives.
- Improved Financial Accuracy and Reliability
One of the primary benefits of internal audits is improved financial accuracy and reliability. Internal audits verify the accuracy and completeness of financial data, and ensure that financial statements are presented fairly and in accordance with relevant accounting standards. This helps to enhance stakeholder confidence and trust in the organization’s financial reporting.
Internal audits also help to identify and correct errors and irregularities in financial reporting, which can help to prevent financial losses and reputational damage. By ensuring the accuracy and reliability of financial statements, internal audits play a critical role in supporting informed decision-making by management and stakeholders.
- Enhanced Internal Controls and Risk Management
Internal audits also help to enhance internal controls and risk management processes within an organization. Internal auditors examine the design and operating effectiveness of internal controls, and identify areas where controls may be inadequate or ineffective.
By identifying and addressing control weaknesses, internal audits help to reduce the risk of errors, irregularities, and reputational damage. Internal audits also help to identify and assess risks, and provide recommendations for remedial action.
- Improved Governance and Compliance
Internal audits play a critical role in supporting good governance and compliance within an organization. Internal auditors examine the effectiveness of governance structures, including the board of directors, audit committee, and senior management.
Internal audits also verify that an organization is complying with relevant laws, regulations, and industry standards. By identifying and addressing areas of non-compliance, internal audits help to reduce the risk of reputational damage, fines, and other penalties.
- Increased Efficiency and Effectiveness
Internal audits can also help to increase efficiency and effectiveness within an organization. Internal auditors examine business processes and procedures, and identify areas where improvements can be made.
By implementing recommendations from internal audits, organizations can streamline processes, reduce costs, and improve productivity. Internal audits can also help to identify opportunities for innovation and growth, and provide recommendations for achieving strategic objectives.
- Better Decision-Making
Internal audits provide valuable insights and recommendations that can inform decision-making by management and stakeholders. By examining financial and operational data, internal auditors can identify trends, risks, and opportunities that can inform strategic decision-making.
Internal audits can also help to identify areas where additional resources or support may be needed, and provide recommendations for addressing these needs. By providing timely and relevant insights, internal audits can help to support informed decision-making and drive business success.
- Reduced Risk of Financial Loss
Internal audits can help to reduce the risk of financial loss by identifying and addressing control weaknesses, errors, and irregularities. By examining financial data and processes, internal auditors can identify areas where financial losses may occur, and provide recommendations for remedial action.
Internal audits can also help to identify and assess risks, and provide recommendations for mitigating these risks. By reducing the risk of financial loss, internal audits can help to protect an organization’s financial well-being and reputation.
- Improved Stakeholder Confidence
Internal audits can help to improve stakeholder confidence by providing assurance that an organization’s financial statements are accurate and reliable. By examining financial and operational data, internal auditors can identify areas where improvements can be made, and provide recommendations for addressing these areas.
Internal audits can also help to identify and address areas of non-compliance, which can help to reduce the risk of reputational damage and financial loss. By providing stakeholders with confidence in an organization’s financial reporting and governance, internal audits can help to support business growth and success.
TYPES OF INTERNAL AUDITS
Internal audits are a crucial component of an organization’s internal control framework, and they can be categorized into several types based on their scope, objectives, and methodology. In this section, we will delve into the details of the different types of internal audits, and explore how they can help organizations achieve their goals and objectives.
1. Financial Audits
Financial audits are a type of internal audit that focuses on examining an organization’s financial statements, records, and transactions. The primary objective of financial audits is to ensure that financial statements are accurate, reliable, and compliant with relevant accounting standards and regulatory requirements.
Financial audits typically involve a review of financial statements, such as the balance sheet, income statement, and cash flow statement. Internal auditors may also examine financial records, such as ledgers, journals, and invoices, to ensure that they are accurate, complete, and properly authorized.
2. Operational Audits
Operational audits are a type of internal audit that focuses on examining an organization’s business operations, processes, and procedures. The primary objective of operational audits is to evaluate the efficiency, effectiveness, and economy of business operations, and to identify opportunities for improvement.
Operational audits typically involve a review of business processes, such as procurement, inventory management, and accounts payable. Internal auditors may also examine operational data, such as production volumes, quality metrics, and customer satisfaction ratings, to evaluate the performance of business operations.
3. Compliance Audits
Compliance audits are a type of internal audit that focuses on examining an organization’s compliance with relevant laws, regulations, and industry standards. The primary objective of compliance audits is to ensure that an organization is complying with all applicable requirements, and to identify areas of non-compliance.
Compliance audits typically involve a review of an organization’s policies, procedures, and practices, to ensure that they are compliant with relevant laws and regulations. Internal auditors may also examine data and records, such as contracts, agreements, and permits, to evaluate an organization’s compliance with regulatory requirements.
4. IT Audits
IT audits are a type of internal audit that focuses on examining an organization’s information technology systems, infrastructure, and processes. The primary objective of IT audits is to evaluate the security, integrity, and reliability of IT systems, and to identify opportunities for improvement.
IT audits typically involve a review of IT systems, such as hardware, software, and networks. Internal auditors may also examine IT processes, such as data backup and recovery, access controls, and incident response, to evaluate the security and integrity of IT systems.
5. Special Audits
Special audits are a type of internal audit that focuses on examining specific areas or processes within an organization. The primary objective of special audits is to evaluate the effectiveness and efficiency of specific processes or areas, and to identify opportunities for improvement.
Special audits may be conducted in response to specific risks or concerns, such as fraud, waste, or abuse. They may also be conducted to evaluate the effectiveness of specific processes or areas, such as procurement, accounts payable, or inventory management.
6. Continuous Auditing
Continuous auditing is a type of internal audit that involves ongoing monitoring and evaluation of an organization’s financial and operational data. The primary objective of continuous auditing is to provide real-time assurance on the accuracy and reliability of financial and operational data.
Continuous auditing typically involves the use of automated tools and techniques, such as data analytics and machine learning, to monitor and evaluate financial and operational data. Internal auditors may also use continuous auditing to identify trends, risks, and opportunities for improvement, and to provide real-time recommendations to management.
7. Risk-Based Auditing
Risk-based auditing is a type of internal audit that involves identifying and assessing risks within an organization, and prioritizing audit efforts based on those risks. The primary objective of risk-based auditing is to provide assurance on the effectiveness of risk management processes, and to identify opportunities for improvement.
Risk-based auditing typically involves a review of an organization’s risk management framework, including risk identification, assessment, and mitigation. Internal auditors may also examine data and records, such as risk assessments, incident reports, and audit findings, to evaluate the effectiveness of risk management processes.
THE INTERNAL AUDIT PROCESS
The internal audit process is a systematic and structured approach to evaluating an organization’s internal controls, risk management processes, and governance structures. The process involves a series of steps that are designed to provide assurance on the effectiveness and efficiency of an organization’s operations, as well as to identify opportunities for improvement.
In this section, we will delve into the details of the internal audit process, and explore the various steps involved in conducting an internal audit.
Step 1: Planning and Preparation
The first step in the internal audit process is planning and preparation. During this step, the internal audit team will:
– Identify the audit objectives and scope
– Conduct a risk assessment to identify areas of high risk
– Develop an audit plan and schedule
– Identify the resources and budget required for the audit
– Communicate with management and stakeholders to ensure that everyone is aware of the audit objectives and scope
Step 2: Risk Assessment
The second step in the internal audit process is risk assessment. During this step, the internal audit team will:
– Identify and assess the risks associated with the audit objectives
– Evaluate the likelihood and potential impact of each risk
– Identify the controls and processes that are in place to mitigate each risk
– Develop a risk-based audit plan that focuses on the areas of highest risk
Step 3: Fieldwork
The third step in the internal audit process is fieldwork. During this step, the internal audit team will:
– Gather evidence and data through interviews, observations, and examination of documents
– Evaluate the design and operating effectiveness of internal controls
– Identify and document control weaknesses and areas for improvement
– Develop recommendations for remedial action
Step 4: Reporting and Follow-up
The fourth step in the internal audit process is reporting and follow-up. During this step, the internal audit team will:
– Prepare a written report that summarizes the audit findings and recommendations
– Present the report to management and stakeholders
– Follow up with management to ensure that remedial action is taken
– Evaluate the effectiveness of the remedial action taken
Step 5: Audit Committee and Management Review
The fifth step in the internal audit process is audit committee and management review. During this step, the internal audit team will:
– Present the audit report to the audit committee and management
– Discuss the audit findings and recommendations with the audit committee and management
– Obtain feedback and input from the audit committee and management
– Update the audit report and recommendations based on the feedback and input received
Step 6: Continuous Auditing
The sixth step in the internal audit process is continuous auditing. During this step, the internal audit team will:
– Continuously monitor and evaluate the organization’s internal controls and risk management processes
– Identify and report on control weaknesses and areas for improvement
– Provide real-time recommendations for remedial action
– Evaluate the effectiveness of the remedial action taken
BEST PRACTICES FOR INTERNAL AUDITS
Internal audits are a crucial component of an organization’s internal control framework, and they play a vital role in ensuring the accuracy, reliability, and compliance of financial statements. To ensure that internal audits are effective and efficient, organizations should follow best practices that are aligned with professional standards and regulatory requirements.
In this section, we will explore the best practices for internal audits, and provide guidance on how to implement these practices in your organization.
1. Establish a Robust Internal Audit Function
The first best practice for internal audits is to establish a robust internal audit function that is independent, objective, and competent. This includes:
– Establishing a separate internal audit department that reports directly to the audit committee or senior management
– Ensuring that internal auditors have the necessary skills, knowledge, and experience to conduct effective audits
– Providing internal auditors with the necessary resources and budget to conduct audits
2. Develop a Comprehensive Audit Plan
The second best practice for internal audits is to develop a comprehensive audit plan that outlines the scope, objectives, and timeline of the audit. This includes:
– Conducting a risk assessment to identify areas of high risk
– Developing an audit plan that addresses these risks
– Ensuring that the audit plan is approved by the audit committee or senior management
3. Conduct Regular Risk Assessments
The third best practice for internal audits is to conduct regular risk assessments to identify areas of high risk. This includes:
– Conducting a risk assessment at least annually
– Identifying areas of high risk and prioritizing audit efforts accordingly
– Ensuring that risk assessments are documented and approved by the audit committee or senior management
4. Use a Risk-Based Approach to Auditing
The fourth best practice for internal audits is to use a risk-based approach to auditing. This includes:
– Focusing audit efforts on areas of high risk
– Using audit procedures that are tailored to the specific risks and objectives of the audit
– Ensuring that audit findings and recommendations are risk-based and prioritized accordingly
5. Ensure Independence and Objectivity
The fifth best practice for internal audits is to ensure independence and objectivity. This includes:
– Ensuring that internal auditors are independent of the activities they are auditing
– Ensuring that internal auditors are objective and unbiased in their audit findings and recommendations
– Ensuring that internal auditors are not influenced by management or other stakeholders
6. Communicate Effectively with Stakeholders
The sixth best practice for internal audits is to communicate effectively with stakeholders. This includes:
– Providing clear and concise audit reports that summarize audit findings and recommendations
– Ensuring that audit reports are timely and relevant
– Ensuring that audit findings and recommendations are actionable and impactful
7. Follow Up on Audit Findings
The seventh best practice for internal audits is to follow up on audit findings. This includes:
– Ensuring that audit findings and recommendations are implemented by management
– Conducting follow-up audits to ensure that audit findings and recommendations have been implemented
– Ensuring that follow-up audits are documented and approved by the audit committee or senior management
8. Continuously Monitor and Evaluate Audit Processes
The eighth best practice for internal audits is to continuously monitor and evaluate audit processes. This includes:
– Conducting regular reviews of audit processes and procedures
– Identifying areas for improvement and implementing changes accordingly
– Ensuring that audit processes and procedures are aligned with professional standards and regulatory requirements
9. Provide Ongoing Training and Development
The ninth best practice for internal audits is to provide ongoing training and development. This includes:
– Providing regular training and development opportunities for internal auditors
– Ensuring that internal auditors have the necessary skills, knowledge, and experience to conduct effective audits
– Ensuring that internal auditors are aware of changes in professional standards and regulatory requirements
10. Encourage a Culture of Transparency and Accountability
The tenth best practice for internal audits is to encourage a culture of transparency and accountability. This includes:
– Ensuring that internal auditors are transparent and accountable in their audit findings and recommendations
– Encouraging a culture of transparency and accountability throughout the organization
– Ensuring that internal auditors are empowered to speak up and report concerns without fear of reprisal.
By following these best practices, organizations can ensure that their internal audits are effective, efficient, and provide valuable insights to stakeholders.
COMMON MISTAKES TO AVOID IN INTERNAL AUDITS
Internal audits are a crucial component of an organization’s internal control framework, and they play a vital role in ensuring the accuracy, reliability, and compliance of financial statements. However, internal audits can be complex and time-consuming, and they require a high degree of expertise and professionalism.
Despite the importance of internal audits, many organizations make mistakes that can compromise the effectiveness and efficiency of the audit process. In this section, we will explore some common mistakes to avoid in internal audits, and provide guidance on how to overcome these challenges.
1. Lack of Independence and Objectivity
One of the most common mistakes in internal audits is the lack of independence and objectivity. Internal auditors must be independent and objective to ensure that they can provide unbiased opinions and recommendations.
To avoid this mistake, organizations should ensure that internal auditors are independent of the activities they are auditing. This can be achieved by establishing a separate internal audit department that reports directly to the audit committee or senior management.
2. Inadequate Planning and Preparation
Another common mistake in internal audits is inadequate planning and preparation. Internal auditors must plan and prepare carefully to ensure that they can conduct an effective and efficient audit.
To avoid this mistake, organizations should ensure that internal auditors develop a comprehensive audit plan that outlines the scope, objectives, and timeline of the audit. The plan should also identify the resources and budget required for the audit.
3. Insufficient Resources and Budget
Internal audits require significant resources and budget, and insufficient resources and budget can compromise the effectiveness and efficiency of the audit process.
To avoid this mistake, organizations should ensure that internal auditors have sufficient resources and budget to conduct the audit. This includes providing adequate staffing, training, and equipment, as well as allocating sufficient budget for audit-related expenses.
4. Poor Communication and Reporting
Internal auditors must communicate and report effectively to ensure that stakeholders understand the audit findings and recommendations.
To avoid this mistake, organizations should ensure that internal auditors develop clear and concise audit reports that summarize the audit findings and recommendations. The reports should also provide actionable recommendations for remedial action.
5. Failure to Follow Up on Audit Findings
Internal auditors must follow up on audit findings to ensure that remedial action is taken.
To avoid this mistake, organizations should ensure that internal auditors develop a follow-up plan that outlines the steps to be taken to address audit findings. The plan should also identify the responsible parties and the timeline for completion.
6. Lack of Professional Development and Training
Internal auditors must stay up-to-date with the latest developments in auditing standards, regulations, and best practices.
To avoid this mistake, organizations should ensure that internal auditors receive regular professional development and training. This includes attending conferences, seminars, and workshops, as well as participating in online training programs.
7. Failure to Consider Emerging Risks and Trends
Internal auditors must consider emerging risks and trends that can impact the organization.
To avoid this mistake, organizations should ensure that internal auditors stay informed about emerging risks and trends. This includes monitoring industry publications, attending conferences and seminars, and participating in online forums and discussions.
8. Lack of Stakeholder Engagement
Internal auditors must engage with stakeholders to ensure that they understand the audit process and findings.
To avoid this mistake, organizations should ensure that internal auditors engage with stakeholders throughout the audit process. This includes providing regular updates, soliciting feedback, and addressing concerns.
9. Failure to Document Audit Procedures and Findings
Internal auditors must document audit procedures and findings to ensure that they can provide evidence of their work.
To avoid this mistake, organizations should ensure that internal auditors maintain detailed documentation of audit procedures and findings. This includes developing audit workpapers, documenting audit tests and procedures, and summarizing audit findings and recommendations.
10. Lack of Continuous Improvement
Internal auditors must continuously improve their processes and procedures to ensure that they remain effective and efficient.
To avoid this mistake, organizations should ensure that internal auditors regularly review and update their processes and procedures. This includes soliciting feedback from stakeholders, identifying areas for improvement, and implementing changes to address these areas.
By avoiding these common mistakes, organizations can ensure that their internal audits are effective, efficient, and provide valuable insights to stakeholders.
FREQUENTLY ASKED QUESTIONS
Q1: What is an internal audit?
An internal audit is a systematic and independent examination of an organization’s financial and operational activities.
Q2: What is the purpose of an internal audit?
The purpose of an internal audit is to provide assurance to stakeholders that an organization’s financial statements are accurate, reliable, and compliant with relevant laws and regulations.
Q3: What are the benefits of internal audits?
Internal audits provide numerous benefits, including improved financial accuracy and reliability, enhanced internal controls and risk management, and improved governance and compliance.
Q4: Who performs internal audits?
Internal audits are typically performed by internal auditors who are employed by the organization.
Q5: How often should internal audits be performed?
The frequency of internal audits depends on the organization and its risk profile. Most organizations perform internal audits at least annually.
Q6: What is the difference between internal audits and external audits?
Internal audits are performed by internal auditors who are employed by the organization, whereas external audits are performed by external auditors who are independent of the organization.
Q7: How do internal audits differ from financial statement audits?
Internal audits are broader in scope than financial statement audits, and they examine an organization’s financial and operational activities. Financial statement audits focus specifically on an organization’s financial statements.
Q8: What is the role of the audit committee in internal audits?
The audit committee plays a crucial role in internal audits, overseeing the internal audit function, approving the internal audit plan, reviewing internal audit reports, and ensuring that internal audit findings are addressed.
Q9: How can organizations ensure the independence and objectivity of internal auditors?
Organizations can ensure the independence and objectivity of internal auditors by establishing a separate internal audit department, ensuring that internal auditors report directly to the audit committee or senior management, providing internal auditors with the necessary resources and budget, and ensuring that internal auditors are not influenced by management or other stakeholders.
Q10: What is the future of internal audits?
The future of internal audits is likely to be shaped by emerging trends and technologies, including data analytics and artificial intelligence, cloud computing and cybersecurity, blockchain and distributed ledger technology, and sustainability and environmental, social, and governance (ESG) reporting.
Q11: How can internal audits add value to an organization?
Internal audits can add value to an organization by identifying areas for improvement, providing recommendations for remedial action, and helping to implement changes that improve financial accuracy and reliability, internal controls and risk management, and governance and compliance.
Q12: What are the key skills and competencies required for internal auditors?
Internal auditors require a range of skills and competencies, including technical knowledge of accounting and auditing standards, risk management and internal controls, and data analytics and technology. They also require soft skills, such as communication, interpersonal, and project management skills.
Q13: How can internal auditors stay up-to-date with emerging trends and technologies?
Internal auditors can stay up-to-date with emerging trends and technologies by attending conferences and training sessions, participating in online forums and discussions, and reading industry publications and research reports.
Q14: What is the role of internal audits in risk management?
Internal audits play a crucial role in risk management, helping to identify, assess, and mitigate risks that could impact an organization’s financial statements, operations, and reputation.
Q15: How can internal audits help organizations improve their governance and compliance?
Internal audits can help organizations improve their governance and compliance by identifying areas for improvement, providing recommendations for remedial action, and helping to implement changes that improve governance and compliance.
CONCLUSION
Internal audits are a crucial component of an organization’s internal control framework, and they play a vital role in ensuring the accuracy, reliability, and compliance of financial statements. In this definitive guide, we have explored the importance of internal audits, the different types of internal audits, the internal audit process, best practices for internal audits, and frequently asked questions.
KEY TAKEAWAYS
– Internal audits are essential for ensuring the accuracy, reliability, and compliance of financial statements.
– There are different types of internal audits, including financial audits, operational audits, compliance audits, and IT audits.
– The internal audit process involves planning, fieldwork, reporting, and follow-up.
– Best practices for internal audits include establishing a robust internal audit function, using a risk-based approach, and ensuring independence and objectivity.
– Internal audits can add value to an organization by identifying areas for improvement, providing recommendations for remedial action, and helping to implement changes.
CALL TO ACTION
If you are a business owner, executive, or manager, it is essential that you take internal audits seriously and make them an integral part of your organization’s internal control framework. Here are some steps you can take:
1. Establish a robust internal audit function: Ensure that your internal audit function is independent, objective, and competent.
2. Conduct regular internal audits: Conduct internal audits at least annually, and more frequently if necessary.
3. Use a risk-based approach: Use a risk-based approach to internal auditing to ensure that you are focusing on the areas that matter most.
4. Ensure independence and objectivity: Ensure that your internal auditors are independent and objective, and that they are not influenced by management or other stakeholders.
5. Take action on internal audit findings: Take action on internal audit findings and recommendations, and ensure that you are implementing changes that improve your organization’s internal controls and risk management.
By following these steps, you can ensure that your organization is operating effectively and efficiently, and that you are providing stakeholders with accurate, reliable, and compliant financial statements.
FINAL THOUGHTS
Internal audits are not just a necessary evil; they are a valuable tool that can help organizations achieve their goals and objectives. By understanding the importance of internal audits, the different types of internal audits, the internal audit process, best practices for internal audits, and frequently asked questions, you can ensure that your organization is operating effectively and efficiently.
Remember, internal audits are not just about compliance; they are about providing assurance to stakeholders that your organization is operating effectively and efficiently. By taking internal audits seriously and making them an integral part of your organization’s internal control framework, you can ensure that your organization is providing stakeholders with accurate, reliable, and compliant financial statements.
ABOUT AUTHOR
Shanel John is a dedicated Certified Public Accountant (CPA) at G.L.H. Accounting, specializing in Income Tax with 10 years of experience. Based in Brampton, Ontario, Canada, Shanel offers expertise in tax preparation, financial accounting, and advisory services. A certified QBO Pro Advisor, Shanel’s decade-long experience and knowledge make her a trusted figure in the accounting field.
ADDITIONAL RESOURCES
The Power of Proactive Audit Planning: https://glhaccounting.ca/category/business-audits/