ASK MICKEY, CPA
QUESTION: What is an internal audit and why does my company need one?
ANSWER: According to the Institute of Internal Auditors, an “Internal Audit is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations, it helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk.
Here are the top 3 reasons to conduct an audit:
1. To insure the effective operation of an organization.
2. To review compliance with a multitude of administrative regulations.
3. To instill a sense of confidence in management that the business is functioning well, and you are prepared to meet potential challenges.
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