Happy Internal Audit Awareness Month!
2 May 2023
From May 1 – May 31 it’s officially International Internal Audit Awareness Month.
Run by The Institute of Internal Auditors, Internal Audit Awareness Month is dedicated to promoting the profession, whilst also demonstrating the value it can offer to organisations.
This month we’re going to be getting back to basics by highlighting what exactly internal audit means, what auditors do and why internal audit is so important.
An introduction to internal audit
Internal audit exists to provide independent assurance that an organisation is operating effectively. The Institute of Internal Auditors says:
“The profession of internal audit is fundamentally concerned with evaluating an organisation’s management of risk.”
This means auditors look at a range of areas to assure managers that internal controls, governance, and risk management are operating as they should be.
Internal audits can cover any area of the organisation.
Within a local government context, audit provides assurance that public resources are being used effectively. The function exists to help managers and services ensure that their service performs to the best of its ability.
What exactly do auditors do?
Internal auditors are often described as a ‘critical friend’. They can act as a catalyst for change, challenging current practice and championing best practice. Auditors help an organisation to achieve its strategic objectives.
This could involve:
- Evaluating controls
- Advising managers
- Reporting on the effectiveness of policies
- Evaluating risks
- Assessing the risk management culture
- Providing advice and insights
- Analysing operations
- Working with other assurance professionals eg fraud investigators or security experts
Why is internal audit so important?
The challenges facing public sector organisations have never been greater. Demand for services is increasing but resources are limited.
Risks must be carefully balanced while still maximising performance and delivering required outcomes.
Are your services, systems and governance frameworks performing as they should be? Is your management of risks working effectively? Are you looking for advice and support to deliver improvements?
Our team is on hand to answer any of your questions and have an informal discussion about your requirements. We work with organisations across the public sector and can tailor our internal audit service to suit you.
You can also follow our social channels to keep up to date with our latest activity highlighting Internal Audit Awareness Month 2023.
About the Veritau group
We are a local government owned company providing assurance services to over 500 public sector clients. We are always open to new member councils joining us.