What Is Internal Audit?
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An independent, objective assurance and consulting activity designed to ADD VALUE and improve an organisation’s operations.
Benefits of Internal Audit
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Provision of a general assurance role on control procedures
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Independent assessment on the effectiveness of internal control
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Helps to develop and promote a strong culture of internal control
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Confirmation of the organisations compliance with regulations, policies and procedures
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Provision of Advice on Best Practice
Advantages
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The company pays only for the time provided by the contractor
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All related costs such as training, sick time, maternity leave, holiday pay etc, are direct costs of the contractor rather than the user
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Professional standards and quality of work. Such standards would most likely not otherwise be attainable at a reasonable cost.