More About Internal Audit

What is Internal Audit?

Internal auditors work in organisations of all sizes and scale. They are often termed the “organisation’s critical friend” as they review and challenge business processes, compliance solutions and risk mitigations to help organisation’s weather business issues.

In FSTE100 companies, larger charities and the public sector, internal audit functions are standard. However, for the arts and cultural sector, internal audit is relatively new.

Internal Audit is overseen by the Chartered Institute of Internal Auditors who set the professional standards we work to. You can find out more on their website.

“Internal auditors deal with issues that are fundamentally important to the success of any organisation. Unlike external auditors, they look beyond financial risks and statements to consider wider issues such as the organisation’s reputation, the success of new projects or outsourced contracts and how well key operational processes are working.

In short, internal auditors help organisations succeed. They do this through a combination of assurance and consulting. The assurance part of our work involves telling managers and trustees how well the systems and processes designed to keep the organisation on track are working. Then, they offer consulting help to improve those systems and processes where necessary.”

Chartered Institute of Internal Auditors, UK

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More About Internal Audit

What is Internal Audit?

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