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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Advantages of Internal Audit
Hi sir, in my textbook, they didn’t state any benefits of internal audit. But I have come up with a few based on my understanding, I just want to check if they are correct
– Presence of an internal audit function itself, may act as a deterrent for fraud, because there is a greater chance of being discovered.
– Allows management to review the progress of business activities
– Creates a platform for management to improve their internal controls by testing its effectiveness and providing valuable feedback
– Due to the frequency of internal audit, errors and fraud can be discovered and rectified more promptly.
– Since internal audit is a constant procedure where accounting records are checked regularly, it ensures that the staffs stay vigilant and keep the records up to date.
Am I right sir ?
Yes, your points are fine. IA can also assist the external auditors.