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 ?