Internal Audit & Internal Assessment: Evolving Codes in Modern Corporate World

Abstract

Internal Audit plays a vital role for every organization, however approach of the audit varies from One to another. It aims at synchronizing the effort more efficiently and effectively so that there must a proper check of functions perform at various levels and hierarchy. The internal audit aims at strengthening control in organizing by segregation of work, check of transactions through trails and minimizing the occurrence of error. With the modern application of the new technological approach in the corporate World procedure of exercising control and internal check have been evolved. One must understand the grey areas of Internal check, Internal Audit & Internal control. This article comprehensively covers evolved methods and challenges faced in the way forward to advance Internal Audit. It states the need to assess risk in today’s disruptive environment that helps in strengthening the system and developing competitive advantages in the modern era.