Internal, therefore, internal audit, these assurance services provide an objective assessment of the information carried out by the internal auditor to provide an independent opinion or conclusion about a process, system or other subject-matter assessment. The character and scope of the assurance contract is determined by the auditor.
Consulting services have a character of counseling and are carried out at the specific request of the client. The character and scope of the consultation contract is the subject of an agreement with the client. Consultation services include two parties:
- internal auditor who provides consultation
- client who requests and accepts consultation
When providing consulting services, the internal auditor maintains objectivity and does not assume managerial responsibility.
Internal audit is an independent, objective assurance and consulting activity designed to add value and improve processes in the organization.
Internal audit helps the organization achieve their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management systems, risk management and control processes, and management and administration of the organization.
The object of the internal audit work is to bring a methodological approach to assessing and improving the effectiveness of risk management, management, control processes, corporate governance with an emphasis on:
- adequate risk identification and management
- cooperation between different groups within the corporate governance system
- timeliness of financial, management and operational information
- staff procedure in accordance with principles, standards, internal procedures, legislation and regulations
- economical use of resources, acquisition and protection
- achieving the company’s programs, plans and objectives
- quality-supporting control and management processes
- improvement processes