Internal audit
Monitoring of internal work processes with regard to their correctness, regularity, expediency and efficiency.
Functioning processes within the company are the basic prerequisite for business success. They are necessary to meet today’s economic demands, which arise due to increasing internationalization, increasing complexity or the growth of an organization. In addition, the use of an internal audit documents that the company management pays a high level of attention to the topic of compliance.
Tasks
Internal audit is responsible for auditing and monitoring internal work processes with regard to their correctness, regularity, expediency and cost-effectiveness. This is intended to increase efficiency and at the same time minimize/optimize risks within the company. In addition, the area of responsibility also includes presenting alternative courses of action to the management.
Is the internal audit carried out by your own staff or by external experts?
Internal auditing can be carried out by the company’s own staff or by external experts. If the internal audit is to be carried out by the company’s own employees, it is important to ensure that they do not take on any other tasks within the company. Otherwise, their independence would be called into question.
In many medium-sized companies, however, the scope of internal auditing is unlikely to be extensive enough for one employee to devote themselves entirely to this task. In this case, it is advisable to outsource internal auditing.
Audit of the internal audit
If an internal audit function has been implemented in the company, it can be audited by an auditor in accordance with IDW PS 983. This may involve auditing the appropriateness or effectiveness of the internal audit.
Our consulting services
As auditors, we can support you in the area of auditing as follows:
- Audits in accordance with IDW PS 983
- Support with the implementation of internal auditing
- Implementation of the internal audit as an external auditor
Get in contact with us!
