How Do Internal Audits Work

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What is an Internal A…
What Services Are In…
How Do Internal Audits

How Are Internal and…
Work? How to Conduct an I…
How Long Does an In…
Updated on MarchWhat
30, 2023 by Anthony
is the PurposeJones
…
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An internal audit is an independent, fair and unbiased process that helps a company improve
Customize by evaluating
Accept All internal processes and providing recommendations that will mitigate risk and
 optimize operations.
Solutions Not only are internal
Software  audit services
Industries  important
About  for ensuring
Partners information
 security and regulatory
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compliance, but they are also a valuable way to evaluate company performance and
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manage risk. It is a helpful tool for businesses of all types. The definition of internal audit is an
assessment that helps an organization in defining areas where it could improve, while also
Table of Contentsproviding information it needs to accomplish its goals.
For company boards and management, an audit is a great time to reflect and ask the
What Services Arefollowing
In… questions:

Are we making progress toward our compliance goals?
How to Conduct an I…
Is risk being managed effectively? Are policies and procedures being applied correctly?
Could they be improved?
What is the Purpose …
These are just some of the questions that an internal audit can successfully answer. Now, let’s
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go through some of the main questions that organizations have about how internal audits
work.
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What Services Are Internal Auditors
Responsible for?
Regular internal audit services ensure the company has the ability to survive in a competitive
 business environment, and continue to prosper. You may still be wondering how to conduct an
internal audit; this is the process that auditors follow;
Monitoring, analyzing and assessing
Solutionsthe
 risks and controls
Software  of the organization
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Reviewing the organization’sResources
compliance

with state and federal policies and laws
Making reassurances and recommendations to the organization or company’s owners or

governing boards Table of Contents
Essentially, they gather information on how an organization or company is operating and uses
What
it to show where it is doing Services
well Are In…
and where it can improve.

Objective outsourced or co-sourced audits, performed by professionals who have no personal
How to Conduct
connection to the organization, an I…
are an excellent business investment. Internal audits done
often make sure the company is in
How Long compliance
Does an In… and that every department is working as
efficiently, effectively, and securely as possible.
Related article: The RoleIsof an Internal

Your Company Auditor
Op… for Disaster Recovery Planning.
How Are Internal and External Audits

Different?
Internal audits
cookies. and Policy
Cookie external audits are quite different, both in terms of their objectives and
procedures. The main difference is that internal audits are not regulated and can, therefore, be
applied more flexibly. Internal audits may be used to highlight information that is helpful to a
company seeking ways to increase information security, manage other risks more effectively

and guarantee compliance.

These are some of the differences whichdemonstrate
Solutions Software how
 an internal audit
Industries  can be more
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effective than external audit:
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Internal Audits External Audits

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The objective of an internal audit is to
What is an Internal A… The objective of an external audit
educate management and
is to give reliability and credibility
Objective employees about how
What Services they can
Are In…
to the financial reports that go to
improve business operations and
How Are Internal and… shareholders.
efficiency.
An auditor is a trusted consultant External auditors have no
How Long
charged Does an In…
with advising upper responsibility to the organization
Owed
management on how to best other than determining the
Responsibility What is the Purpose …
manage the company’s risks and accuracy of annual financial
goals. statements.
An external auditor reports to

An auditor reports to those within an shareholders who are outside the
Reports to
organization governing structure of an
organization
Table For
comparing the goals,please
optimal performance, auditor role, and reporting duties between an internal audit and
accept
external audit.
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How to Conduct an Internal
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Audit
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When an internal auditor comes into a company or organization, they analyze documents
regarding the company’s risks, objectives and performance, as well as observe how particular
Table of Contents
strategies are being implemented.
They evaluate emerging technologies, analyze opportunities, examine global issues, assess
risks, controls, ethics, quality, economy,
What Services Areand
In…efficiency, and communicate information and
opinions with clarity and accuracy.
How toon
Experts recommend relying Conduct an I…auditors as they can better view the company’s
outsourced
operations objectively and without the bias typical of actual employees.

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The internal audit function generally works like this:
1. Information gathering – The auditor will observe, take notes, review documents and
interview employees to better understand how the organization is operating.
2. Security Assessment – Auditors will monitor analyze and assess the risks and security
What isAt
controls of the organization. the Purpose
this stage, …they will often test employees’ knowledge of
company objectives,Is
safety standards,Op…
Your Company and compliance rules.
3. Compliance Assessment – The auditor will review the organization’s compliance with state
and federal policies and laws, as well as any applicable international data security and
privacy regulations.
4. Verification – This is when the auditor checks the information provided and identifies points
that could use improvement

5. Consultation – Next, the auditor consults with the organization to provide recommendations
for remediation and steps for implementation.
6. Review – The audit doesn’t just end with the audit report; the auditor will also follow up with
the organization to check on its progress and ensure continual improvement.
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questions? Get
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answers!What is an Internal A…
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How Long Does an Internal Audit Take?

The time needed may take up to a few weeks, depending on the scope of the audit and the
size of the company, or department, being assessed. Before it is concluded, an audit includes
a consultation with the director or audit committee that hired them to discuss how their
suggestions for improvement can best be implemented.

What is the Purpose
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ofSoftware
an Internal 
Audit?
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Auditing on a periodic basis keeps a company – big or small – and all of its employees at the
top of their game. Regular internal auditing services are important for organizations in a wide
Table offinancial
range of industries, including Contentsinstitutions and healthcare providers. They are positive
experiences for the business aimed at evaluating performance and identifying actionable
ways to improve in the What
future.is an Internal A…

This should not be considered an intimidating process for employees because the auditor is
not there to place blame. When staff is informed of upcoming audits and their scope, the
process provides excellent
Howinsight that will
to Conduct an help
I… strengthen your company and help it
dominate the market.
WhatYou
Related article: Why Should is the Purpose
Consider …
Outsourcing or Co-Sourcing Your Internal Audit
Services? Is Your Company Op…
Businesses who periodically bring in a third party auditor, like I.S. Partners, LLC, are shown to
have better performance, risk management, regulatory compliance, management control and
governance processes over time.
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area, including data compliance and security, trust a third party auditor like I.S. Partners,
LLC. It is an excellent investment in your company’s future.

Regular auditing will ensure your company
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always in compliance,
 operating
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one step ahead of the competition. To schedule an initial consultation, call I.S. Partners, LLC at
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215-675-1400 or internal audit quote.
Table
This blog was originally of Contents
published in May 2017 and has been updated for accuracy and
comprehensiveness.

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About The Author How Long Does an In…



Anthony Jones
Anthony has over 20 years of experience and has worked with a variety of industries,  GET A QUOTE
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including Health Care Insurance, Banking and Financial Services, Information and
Analytics, Telecom, and Utilities. Anthony has extensive knowledge in IT Security
consulting; he is also a Certified Information Systems Auditor (CISA), and Project
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Management Professional (PMP) designation holder with expert ability to accurately
determine needs, understand risk tolerances, offer alternatives to current situations,
develop action plans and cultivate longstanding client relationships. Anthony’s area
of expertise consists of MAR, HIPAA and Sarbanes Oxley Compliance, IT Security and
Privacy Management, Enterprise Risk Management (ERM), Health Care Insurance
Banking andAre
How Financial Services,
Internal and… Manufacturing and Utilities. Prior to joining IS Partners,
LLC Anthony spent 12 years with PWC as a Senior Manager in Business Risk Solution
How to advising
(BRS) Practice ConductFortune
an I… 100 financial services, manufacturing, Insurance and
utility companies. Anthony graduated Saint Joseph’s University. Anthony received his
MBA from SJU Haub School of Business.
Anthony Jones
What is frequently blogs
the Purpose … for I.S. Partners, LLC.
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