Introduction

Internal Audit is defined as under:

“Internal audit provides independent assurance on the effectiveness of the internal controls and risk management processes to enhance governance and achieve organisational objectives.”

Internal Audit is an independent function established within an organisation to examine and evaluate its activities as a service to the organisation. It serves the organisation to accomplish objectives by bringing a systematic, disciplined and consistent approach to assess and strengthen the effectiveness of risk management, control and governance process.

Internal Audit applicability differs from organisation to organisation. Still, it is advisable to get it carried out even if it is not mandatorily applicable to you to detect and minimise the chances of fraud & errors and review the effectiveness & efficiency of internal control operations of the organisation so that the required corrective actions, if any,can be taken well in time.