Banking Exam Question - What is Internal Audit? What are the Importance of Internal Audit in Licensed Institutions? Explain

Introduction - Internal Audit & It's Importance

The internal audit freedom is the process of doing business within the business. Its main objective is to make some irregularities, mistakes, and misconduct regularly and improve the situation according to circumstances.

• If the internal control system of the business is not monitored, there is a tendency on it and employees can negligently. Therefore, continuous testing of books and documents in business is regularly audited, it is called internal auditor. 
• The continuous audit of the book and independent evaluation process of the audit of the business is called internal audit. Internal Audit Business is a continuous recycling of activities and books.
• Internal Audit is mainly related to the audit and financial statements of the investigation.
• Other types of tests continue to persist in it.
• There is an employee of the internal audit business.
• Internal Audit is not subject to other officials whose work will be done to investigate the account.
• The internal audit is done independently and offers a report to the higher officials of the audit.
• The internal audit is done independently and offers a report to the higher officials of the audit.
• Internal auditing, providing administrative services to the top officials of the business, should be supported by the decision-making decision of the situation.
• The objective of the internal auditor is to measure the effectiveness of other control systems.