What is an internal audit?
Internal audit - as defined by The Institute of Internal Auditors (IIA) - is an independent consulting and verification activity aimed at improving the operational improvement of an organization and adding value to it. Internal audit helps an organization achieve its goals through a systematic and methodical approach to assessing and improving the effectiveness of the organization's risk management, control and management processes.
The main elements and objectives of internal audit are:
helping the organization achieve its goals,
assessment and improvement of the effectiveness of risk management, control and organization management processes,
independent consulting and verification activities aimed at improving the operational improvement of the organization and bringing added value to it,
independence and objectivity,
systematic and methodical approach.
Types of internal audit:
Financial audit is based on the analysis of the authenticity of the financial statements and the budget presented by the organization. It is based on the control of compliance with the accounting principles and the compliance of the entries in the accounting books. The most important component of the audit is the opinion of the auditor, whose role is focused on checking the accuracy and compliance of financial statements as well asthe effectiveness and efficiency of the activities carried out so far.
Operational audit focuses on assessing the effectiveness and authenticity of systems functioning, i.e. the management control system in the audited entity. The activities of the management team, such as the achievement of goals or risk management in the enterprise, are subject to a thorough assessment by the auditor. The person conducting the operational audit puts recommendations to improve the company's operations in its report.
Information audit is based on the purpose of examining the safety systems operating in the enterprise together with determining whether the procedures occurring during the safety management process are compliant with the adopted legal regulations.
Who carries out the internal audit?
In large organizations, there are professional internal auditors who help to make sure the Management Board, Supervisory Board and Audit Committee that the systems and processes implemented in the unit are designed correctly and operate in accordance with the adopted assumptions.
Smaller but also large companies often use the services of external advisors on the basis of co-sourcing or outsourcing of internal audit. Usually it is support for a specific project or long-term cooperation, supporting the organization as a whole in the field of internal audit.
Examples of internal audit services
Internal audit advisors offer a wide range of services related to this area. These services include:
Assessment of the existing internal control system in the organization,
Advice on meeting the requirements of the American Sarbanes-Oxley Act (SOX),
Certification audit in the field of SOC, ISAE or ISO,
Audit related to ABC risk (anti-bribery & corruption) and FCPA audit,
Investigative audit, the so-called forensics,
Cybersecurity audit,
Information security audit,
IT audit,
GDPR audit.
Virtual Data Room SECUDO as an effective support for internal audit
VDR SECUDO is a platform for secure and confidential communication, sharingdata and documents for the needs of projects carried out in the organization, with extensive functionalities of granting permissions, creating groups, working together and monitoring all activities in the system.
VDR SECUDO makes it possible to prepare each internal audit as a separate project, secured and available only to people who should have access to it. At VDR,the project is carried out outside the company's IT environment, which is used for everyday work. As part of the VDR project, you can prepare cooperating groups such as the Management Board, Supervisory Board, internal auditors, key managers or external advisors and communication management both within andbetween groups.
Documents that go to VDR SECUDO are secured in such a way that they cannot be downloaded and forwarded without appropriate unauthorized rights granted by the project administrator. Appropriate encryption, special viewers, dynamic watermarks or access from devices with a clearly defined IP address are just some of the security features and facilities that ensure the confidentiality and security of data and information shared in the system.
VDR SECUDO offers an easy-to-use workflow for internal audit projects, Q&A functionality, soon videoconference or electronic signature, which facilitate remote work during internal audit.
VDR SECUDO is also the ability to save and archive all activities, users, permissions and documents at any time during the project. A unique element ofVDR SECUDO on a global scale is a durable medium in blockchain technology implemented in 2021, which is required in some sectors, in particular for selected financial institutions.
If you, as an organization, consider transferring internal audit projects to a safe and monitored environment such as professional VDR, it is worth using the proven SECUDO Virtual Data Room solution.
About us
DealDone is a specialized company that offers high-quality products in the field of information and data security. The DealDone team consists of people with many years of international experience in investment banking, investor relations, technology and cybersecurity. We offer services and software in the field of modern technologies for the circulation of confidential information, classified information, sensitive data and digitization, security, encryption and sharing of data and documents inside and outside the organization.
DealDone independently developed and introduced for sale the Virtual Data Room SECUDO solution. VDR SECUDO is a platform for secure exchange and processing of confidential information offered in the Software-as-a-Service model for business clients, in the form of virtual data rooms.
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