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Who are internal auditors and what do they do?

Question by Sydney Mulunda On 19 March 2020, 18:27:38

Please write a genuine and meaningful answer to get a good ranking.

Answer by Sydney Mulunda On 19 March 2020, 18:35:58

Internal auditors are individuals or organisations which are tasked with the mandate of reviewing the internal operations, structure and controls of an organization in a bid to advice the management of the organization on ways to improve the controls that are in place, the efficiency of the operations and other things. Internal auditors can either be employees of an organization or can be outsourced by the company. During their audit of the company's operations they are required to maintain a very high level of independence so as to give an free and fair opinion of the organization. Therefore, as a result of their mandate, they are only answerable to the audit committee and to the board of directors of a company, as opposed to the other employees of the company. In many instances, the work done by the internal auditors is used by the external auditors to enable them carry out their audit and to easen their work, hence the high level of independence that is expected of them. 

Internal auditors also carry out a crucial role in an organization. As they review the operations and controls , they can help the management to uncover fraud in cases where it may have occurred.

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