Internal Audit
Not only is an internal audit important for ensuring information security and regulatory compliance, but it's also a valuable way to evaluate company performance and manage risk. It is a helpful tool for businesses of all types. An internal audit assists an organization in defining areas where it could improve, while also providing information it needs to accomplish its goals.
For company boards and management, an audit is a great time to reflect and ask the following questions:
Are we making progress towards our compliance goals?
Is risk being managed effectively? Are policies and procedures being applied correctly?
Could they be improved?
Internal audits ensure the company has the ability to survive in a competitive business environment, and continue to prosper. Auditors do this by:
Monitoring, analyzing and assessing the risks and controls of the organization
Reviewing the organization's compliance with state and federal policies and laws
Making reassurances and recommendations to the organization or company's owners or governing boards
Essentially, they gather information on how an organization or company is operating and uses it to show where it is doing well and where it can improve.
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