What is Internal Audit?
Auditing is a practice to check whether everything in a business is going on right track or not. It not only improves the operations of a company but also paves way for its growth. It gives a clear picture to the management that what are the flaws and how to remove them without much damage.
The audit is of two types, internal audit and external audit. Internal audit is conducted by the company’s own auditors whereas external audit is conducted by professional and independent auditors. In internal audits you can rectify any error which creeps into your business practices without paying any penalties or fines. On the other hand, during external audits if the auditor finds any malpractice you may be penalized heavily. The company’s reputation is also at stake. If this happens in the internal audits you can rectify the mistakes without exposing the company’s name in public.
Business students who have auditing as a subject need to pay attention towards the assignments given to them for completing their course. They have to complete these assignments on time and that too with a professional look. Many online helps are available on the internet which suits your needs. Internal auditing assignment writing help service is available with BookMyEssay.com with an experience of several years to its credit. You can easily buy assignment online written by the best Australian writers.
Why People Fear Internal Audit?
There are many factors which are the cause of fear among the companies about internal audit. The first and the most important factor is the cost. Conducting an internal audit involves a lot of time and money. Most of the companies think that it is wastage of resources. Moreover the reporting should be such that it demands quick action about the improvement of defective procedures. It should not be a mere formality of just informing the management. The management sometimes thinks that even after spending so much on internal audit, could we get the right information? So, they don’t think of conducting an internal audit. Last but not the least, convincing the management that it is beneficial for the business is very difficult. Only the people who foresee the future can understand the benefits of internal audit.
How can We Get Benefits from Internal Audit?
When the internal audit is conducted in a well planned manner it can provide you many benefits.
- It uncovers the potential risks that might appear in the company in future. So, the management can prevent these risks in time before it is too late.
- Through an internal audit the accountability of the employees and supervisors can be promoted. It improves the workplace procedures and behaviour.
- It prepares each and every person who will be involved in external audit. This will prevent unexpected penalties to the business.
- It tracks the strengths and weaknesses of a company and creates a room for improvement wherever needed. It gives strategic outlook for setting goals for future also.
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The above points clearly show that internal audit is beneficial in all aspects and people are just confused about its credibility. Students who understand its potential become better auditors. Internal auditing assignment help provides you an insight about its effectiveness. Buy assignments online by best Australian writers at cheap rates.