I have been asked this question a dozen times. "What are the main functions performed by an Internal audit department in an company?". Well, the answers simple, internal audit department is responsible for internal auditing! Well there's a lot more these days that the internal audit function does. Today, internal audit can add a lot of value in any organization. If you remember, I had written a detailed post about the reporting lines for the chief of internal audit CAE. Let's discuss what responsibilities should an internal audit department handle in an organization. Some of the typical function of todays internal audit department would include:

1. Evaluate the effectiveness of internal controls

2. Ensure compliance with company policies, procedures and regulations

3. Evaluate the correctness and accuracy of the company's accounting records

4. Help in continuous process improvement of the company's processes

5. Assist in fraud prevention and detection

6. Help in auditing IT applications and systems, SDLC audit, configuration testing etc

7. Report cases of non-compliance to the audit committee and board of directors.

Related Posts

Sarbanes Oxley Project Management
Internal Control Report Contents
Criteria for Designing Internal Controls
Entity Level Controls for SOX