Internal Auditing is the evaluation and analysis of risks and control recommendations to reduce such risks and monitor the improvement plans. It should serve as an activity that adds value and improves a company’s operations while contributing to the fulfillment of its objectives by providing a systematic and disciplined approach to evaluate and improve the efficiency of the company’s risk management, control and direction processes.
The outsourcing of internal auditing can focus on:
- Design and implementation of an auditing plan based on risks.
- Internal control.
- Process assurance.
- Design of organizational policies, procedures and structure of the internal audits department.