Internal Audit Definition
An internal audit is a procedure done by members of the business to assess the company’s operations.
Internal Audit Extended Definition
An audit evaluates the health of a business by researching records and analyzing the information they provide.
Internal audits evaluate business operations, including:
- Financial reporting and analysis
- Risk management
- Employee training
- Adherence to regulations
An internal audit is completed by someone within the company being audited, such as a member or employee. The person doing the audit is called an Internal Auditor.
The purpose of an internal audit is to inspect documents and procedures, verify the accuracy and accountability of business operations, and provide recommendations on ways to improve operations.
Last Updated By
Jenna Hutkowski | Apr 12, 2023