Role of Internal Auditors
Major roles and responsibilities of internal audit function are summarized as below:
1. evaluates and provides reasonable assurance that risk management, control, and governance systems are functioning as intended and will enable the organization’s objectives and goals to be met
2. reports risk management issues and internal controls deficiencies identified directly to the audit committee and provides recommendations for improving the organization’s operations, in terms of both efficient and effective performance
3. evaluates information security and associated risk exposures
4. evaluates regulatory compliance program with consultation from legal counsel
5. evaluates the organization’s readiness in case of business interruption
6. maintains open communication with management and the audit committee
7. teams with other internal and external resources as appropriate
8. engages in continuous education and staff development
9. provides support to the organization is anti-fraud programs.