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Major Role Or Functions Of An Internal Audit Department/Internal Auditor

September 24th, 2008 / No comments yet

The following categories of function may be carried out by an internal audit department:

  1. Advisory- meaning that the internal auditor may recommend improvements and changes in the system in operation and in the setting up of new systems
  2. Executive-the internal audit department may actually deise and install changes and improvements to existing systems and set up new systems
  3. Reporting-the internal audit department prepares routine report on the company’s activities either on a comprehensive, or on an exception basis
  4. Routine testing-the department routinely monitors the performance of the company’s system, eg. by examining and testing controls such as those over buying procedure and by cash counts or stock counts
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