INTERNAL AUDITOR

·         Internal auditors may offer insight regarding strategic risks and advice, though management must maintain ultimate responsibility for the processes in their area.

·         To assess the significance of the organization’s many risks and the effectiveness of risk management efforts, communicate to management and the board, and develop recommendations to improve risk management.

·         Evaluate control efficiency and effectiveness and provide management and the board assurance that the controls in place are adequate to respond to the risks that threaten the organization.

·          Examine operations to determine whether they are efficient and effective.

·         Professional internal auditors agree to abide by a Code of Ethics that upholds the principles of integrity, objectivity, confidentiality, and competency. They raise red flags when they discover improper conduct.

·         Review operations closely and assess whether existing processes are well designed to help the organization achieve its goals.

·          Assess the organization’s compliance with applicable laws, regulations, and contracts to ensure that management is addressing these requirements adequately. They also offer insight into the impact that noncompliance would have on an organization and inform senior management and the board of noncompliance.

·         Evaluate the procedures used to safeguard assets from theft, fire, illegal activities, or other types of loss. They bring deficiencies to light and make recommendations for enhanced protection.

·         Because fraud can affect any level of the organization, it’s important that the board of directors grants the internal audit function access to all records and authority to conduct audits and investigate possible fraudulent behavior throughout the organization.

·         Report findings and recommend appropriate courses of action.