Internal audit function

Look at the P1 course notes – it’s all in there

Basically the assist management to fulfill management’s responsibility of running the entity in an orderly and efficient manner

Much of their work is orientated towards internal controls and in this area they tend to:

Identify weaknesses
Analyse these weaknesses
Report to management
Design methods to address the weaknesses
Recommend to management those designed methods which they believe should be adopted
Implement the newly designed systems
Evaluate the effectiveness of these improvements

You’re welcome