Internal audit :

Internal audits take place within your business. As the business owner, you initiate the audit while someone else in your business conducts it.

Businesses that have shareholders or board members may use internal audits as a way to update them on their business’s finances. And, internal audits are a good way to check in on financial goals.

Although there are many reasons you may conduct an internal audit, some common reasons include to:

• Propose improvements

• Monitor effectiveness

• Make sure your business is compliant with laws and regulations

• Review and verify financial information

• Evaluate risk management policies and procedures

• Examine operation processes