What are the purposes of internal audit?

An internal audit is a systematic review of an activity or department to accomplish one or more objectives stated in the internal audit policy.

These objectives include:

a) Determining the reliability and integrity of operating and financial information.

b) Determining the degree of compliance with policies, procedures, law, and regulations.

c)  Assuring assets are properly safeguarded.

d)  Determining if operations are accomplishing objectives and goals.