Internal Audit: Fundamentals and Next-Gen Trends

Abstract

Internal audit is an effective pillar of corporate governance. Primary objective of internal audit is to chase and reach company’s pre-defined corporate objectives with prevention of frauds. This paper highlights the basic understanding of internal audit and its role in risk management and corporate governance. Steps of execution of internal audit are discussed. Report of internal audit consists of 5Cs viz. condition, criteria, cause, consequence and corrective action. This paper also includes Next-Gen trends in internal audit with its objectives and comparison with traditional methods