Colorado Independent

Consultants Network, LLC

Need for Internal Audit

Week after week, the papers publish numerous articles on how organizations have failed to maintain a controlled environment: from inaccurate or fraudulent financial reporting, to missing evidence in police stations, to non-compliance with health and safety standards resulting in personal injury. Many more examples of insufficient controls resulting in business loss have not made the press. Most of these instances could have been prevented had appropriate internal controls been implemented.

Through the evolution of business growth, many organizations continue to rely on old controls that are no longer sufficient to protect a maturing business model. Often times, appropriate controls may have never been implemented in the first place, subjecting the business to inefficient operations, customer dissatisfaction, inaccurate reporting, and fraudulent transactions.

An effective Internal Audit function can help reduce the likelihood of such events through evaluation and enhancement of an organizations internal controls.

Learn more about the benefits of an Internal Audit function through the authoritative source for the Internal Audit profession, the Institute of Internal Auditors: