A Primer on Internal Audits

 Internal Audits pic
Internal Audits
Image: investopedia.com

A graduate of the MBA program at Florida International University, Antonio Junior is the founder of Florida Conservation, Inc., in Miami Springs, Florida. Antonio Junior manages all corporate statements and budgeting concerns at the Miami-area firm.

In businesses of all sizes, internal auditing plays an essential role in ensuring the financial well-being of the company. While external audits are designed to give stakeholders an idea of how the company is running, internal audits are typically initiated by the business itself. Using the results of the internal audit, businesses can adjust their operations to maximize efficiency and work toward organizational goals.

During an internal audit, auditors typically begin by analyzing documents containing the company’s purpose, goals, and objectives. Auditors then assess performance by looking at financial records, observing the workplace, and interviewing employees. Internal auditors provide a neutral, third-party perspective on the business, providing an invaluable data point for executives. Indeed, many businesses organize internal audits on a regular basis.

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