internal audit
Definition
Frequent or ongoing audit conducted by a firm's own (as opposed to independent) accountants to (1) monitor operating results, (2) verify financial records, (3) evaluate internal controls, (4) assist with increasing efficiency and effectiveness of operations and, (5) to detect fraud. Internal audit can identify control problems, and aims at correcting lapses before they are discovered during an external audit. Although the internal auditors are the firm's employees, they normally do not audit themselves or their own departments, but entrust it usually to independent auditors.
internal audit is in the Accounting & Auditing, Corporate, Commercial, & General Law and Quality Control & Management subjects.
internal audit appears in the definitions of the following terms: audit, accounting, detective control and external audit
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