An internal audit is an independent assessment of the effectiveness of an organization’s processes, procedures, and controls. They can be conducted to evaluate critical business processes or to determine why activity occurs. Whether you are new to the profession of internal auditing or you have been in an audit firm in Sharjah for years, there are some essential guidelines you need to know. These guidelines will help you perform your audits and make them more effective.
You should be aware of the scope of the audit:
To conduct an effective internal audit, the auditor should be aware of the audit’s scope and the work’s limits. Someone or an independent and impartial team should also conduct an internal audit. In addition, the auditor should be knowledgeable about professional standards and not be influenced by personal relationships with other departments or employees.
You should ensure that the internal auditing process is documented:
An auditor should also ensure that the internal auditing process is documented. This allows the auditor and the audit team to be more efficient and make decisions based on a clear understanding of the audit. An audit report should discuss the results of the audit, as well as the recommendations made. It is important to understand that an audit is not about assigning blame but identifying problems and recommending solutions.
If the auditor cannot conduct the audit or has been removed from the audit, the manager should raise the issue with the audit committee. The committee can take the appropriate action. In addition, the committee can ask for different management to run the internal audit.
It would help if you always were learning:
A professional internal auditor should always be learning. They should remain at the forefront of trends and topics. They should be able to turn knowledge into insights that will add value to an organization. Those new to the profession should understand that the role of an internal auditor requires constant development. The auditing process should be repeatable to execute the internal auditing and compliance functions effectively.