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What is internal audit

The concept of internal audit refers to the organized process concerned with monitoring and controlling operations within organizations through a comprehensive and periodic review by a specialized department within the organization called the Internal Audit Department, and this department is managed by a manager responsible for all internal audits of all financial activities and operations that it performs The organization in all its departments in order to determine the validity of the procedures and to ensure the accuracy of the process of carrying out the tasks, and what this leads to the reflection of the work of these departments on the financial statements and accounting records of the organization. This process is as required, and the director of the internal audit department in the organization must take into account the relative importance of the internal audit process, by focusing on the departments whose work is more sensitive than others, or that these departments are of higher relative importance due to the increase in financial risks in them.
What is internal audit
What is internal audit

accounting audit

The concept of accounting audit or the so-called accounting review is called the independent process in which the financial records and accounting reports related to a specific facility are reviewed in a particular financial period by a group of audit and accounting review specialists, so that these individuals are not responsible for preparing these reports and financial statements. In the accounting audit process, a set of procedures is implemented in accordance with generally accepted accounting principles and international accounting standards. The audit process aims to demonstrate the fairness and validity of the financial information contained in the accounting records and reports. The internal audit is one of the types of accounting audits. In this article, the question will be answered. What is internal audit.

Objectives of internal audit

One of the main objectives of the internal audit process is to discover errors that have been committed or that do not comply with the financial regulations and principles by the internal auditor before the external audit process takes place. This is because the internal audit process is carried out periodically: daily, weekly, monthly or annually, and this is done in coordination with the Human Resources Department so that there is no disruption or distraction for employees from the course of their daily tasks. In general, the objectives of internal audit can be summarized as follows:
  • Detecting fraud, theft, fraud and forgery within the organization, in addition to reducing the waste of resources and exploiting them as required.
  • Ensuring the operation of the operations in a disciplined manner and in line with the company's objectives and raising the operational efficiency to the greatest extent possible.
  • Providing qualitative information to the organization's management that contributes to taking corrective actions that help in the development of the organization and making many improvements to the processes and procedures used in the implementation of functional tasks within the organization according to the results of the internal audit process.
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