Internal Auditing as defined by The Institute of Internal Auditors (IIA) “is an independent, objective assurance and consulting activity designed to add value and improve an Organisation’s operations. It helps an Organisation accomplish its objectives by bringing a Systematic, disciplined approach to evaluate and improve the effectiveness of Risk Management, Control and Governance Processes”.
Internal Auditing is a discipline that works on behalf of Management, the Board of Directors/Council/Audit Committee and other stakeholders of public and private entities to improve and add value to Governance, Risk Management and Control procedures. Internal Audit activity is mandated by a charter.
The charter requires Internal Auditors to examine and appraise controls, financial performance, compliance with laws and regulations, and operational performance for their effectiveness.