While “internal audit” is the conventional term, I prefer to look upon it as “entrepreneurial audit” as it should focus on a business’s risks and strategic aims. Are there systems and information to effectively manage those risks and objectives? The audit can often be a catalyst for improving performance.
I provide an outsourced internal audit service to a medium sized charity. In the past I headed an outsourced internal audit service for a FTSE 250 group.
Smaller businesses and charities usually cannot justify having an independent in-house audit function and outsourcing provides a cost effective solution.
In quoted companies, Corporate Governance and non executive directors are coming increasingly under the spotlight. While internal audit may tick a Corporate Governance box, as far as I am concerned it is more about making constructive and practical suggestions to help the business!