Abstract:
Internal auditing is a profession and activity involved in helping organizations achieve their stated objectives. It does this by using a systematic methodology for analyzing business processes, procedures and activities with the goal of highlighting organizational problems and recommending solutions.
Description:
Board, council or management of MDAs and MMDAs have the responsibility to ensure that public assets entrusted in their care are protected and safeguarded against frauds, errors and other forms of irregularities. They have therefore put in place mechanisms, structures and framework which can prevent, deter and detect frauds, errors and irregularities before external auditors come in to finally audit the financial statements. In modern financial management practices, the establishment of audit committees and internal audit units or departments is recommended to all forms of organizations to assist management etc in protecting and safeguarding the assets of the organization.
