internal audit


An ongoing appraisal of the financial health of a company's operations by its own employees. Employees who carry out this function are called internal auditors. During an internal audit, internal auditors will evaluate and monitor a company's risk management, reporting, and control practices and make suggestions for improvement. Internal auditing covers not only an organization's finance function, but all the operations and systems in a firm. While internal auditors are typically accountants, this activity can also be carried out by other professionals who are well-versed with a company's functions and the relevant regulatory requirements.

Use internal audit in a sentence

The internal audit was almost too good to be true and we were very proud to have the employees that we did.

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Sometimes, to make sure that a company is on track with operations they will monitor their own risk and usage, the company will perform an INTERNAL AUDIT. Usually the company will hire accountants for this job, however there are also contract businesses that can make sure all the reporting and practices/protocol are running smoothly.

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To help increase organizational effectiveness, many companies utilize their own employees to conduct an internal audit to ensure quality control and solicit suggestions for improvement.

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