Celebrate in May: International Internal Audit Awareness Month

Amidst the warming weather of spring, May presents a great time to observe International Internal Audit Awareness Month. The Institute of Internal Auditors created this awareness month in the 1990s to promote the profession as a whole and the value it brings organizations. [1]

 

What is Internal Audit?

According to the Institute of Internal Auditors, internal auditing is “an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes” [2].

Internal audits focus mainly on non-financial information. They identify and recommend ways to reduce risk across an organization, from HR and accounting to technology and legal compliance. They help improve the efficiency of internal processes, improve internal controls, and assess how well an organization is complying with regulations. While it’s true that many internal auditors have an accounting background, they might also specialize in business, finance, analytics, or computer information systems. [1] Types of internal audits include:

  • Compliance Audits: is your organization complying with the financial, data, and environmental laws and rules and regulations of the area in which it operates?
  • Operational Audits: is your organization performing at peak efficiency? How can it better meet its goals and objectives?
  • Information Technology Audits: does your organization’s technology infrastructure adequately meet its needs?

 

At its core, internal audit identifies risks to compliance and operations and presents decision-makers with actionable intelligence to guide effective decision-making. So let’s acknowledge and celebrate the important role internal audit professionals play in supporting our organizations’ current and future success.

 

By Paige Leigh

 

[1] https://nationaltoday.com/international-internal-audit-awareness-month/. Retrieved April 30, 2022

[2] https://www.theiia.org/en/standards/what-are-the-standards/mandatory-guidance/definition-of-internal-audit/. Retrieved April 30, 2022.

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