4.7 Internal Audit
What is Internal Audit?
Internal Audit is a type of management control. It is an internal appraisal service, established by the management of an organisation, which reviews the internal control system. It should objectively examine, evaluate and report on the adequacy of internal control as a contribution to the proper, economic, efficient and effective use of resources. To achieve full effectiveness, the scope of the internal audit service should provide an unrestricted range of coverage of the organisation's operations. The internal auditors should have sufficient authority to allow them access to such assets, records and personnel as are necessary for the proper fulfilment of their responsibilities and report to the Board where they feel it is necessary.