Ever wondered who watches over a company's secrets and challenges? Enter the internal auditors—the business world's detectives! They're not just number experts; think of them like Sherlock Holmes for companies. In this blog, we're unpacking what financial watchdogs do. 

Hint: It involves risks, controls, and a bit of smart strategy. 

Excited to know more? Grab your magnifying glass; we're about to uncover the adventures of internal auditors!

What do internal auditors do?

Internal auditors are independent, objective professionals who evaluate and improve the effectiveness of risk management, control, and governance processes of an organization. They provide assurance to the audit committee and senior management that the organization's internal controls are adequate and effective to mitigate risks, achieve organizational objectives, and comply with laws and regulations.

Internal auditors perform a variety of tasks, mainly related to:

• Assessing and evaluating risks: Internal auditors identify and assess the risks that an organization faces, such as financial risks, operational risks, compliance risks, and strategic risks. They also evaluate the effectiveness of the organization's risk management processes to mitigate these risks. 
• Reviewing and testing controls: Internal auditors review and test the organization's internal controls to ensure that they are adequate and effective to mitigate the identified risks. They also assess the compliance of the organization's activities with laws and regulations.
• Evaluating governance processes: Internal auditors evaluate the organization's governance processes to ensure that they are effective in promoting accountability, transparency, and ethical behavior. They also assess the effectiveness of the organization's oversight of risk management and internal control.
• Providing recommendations for improvement: Internal auditors provide recommendations to management on how to improve the organization's risk management, control, and governance processes. They also provide recommendations on how to improve the organization's overall performance and efficiency.

Internal auditors play a vital role in helping organizations achieve their objectives and protect their assets. They provide independent and objective assurance to the audit committee and senior management that the organization's internal controls are adequate and effective. By identifying and assessing risks, reviewing and testing controls, evaluating governance processes, and providing recommendations for improvement, internal auditors help organizations to improve their overall performance and efficiency.

Here are some specific tasks that internal auditors may perform:

In essence, internal auditors are highly skilled professionals who play an important role in helping organizations achieve their objectives and protect their assets.