Internal Audit

May is Internal Audit Awareness Month
May is Internal Audit Awareness Month. During this observance and throughout the year, audit professionals work to raise awareness of the internal audit profession and its value to businesses and organizations.

Internal Audit Awareness Month in North Carolina

Governor Roy Cooper has proclaimed May 2021 as "Internal Audit Awareness Month" in North Carolina to recognize the contributions of internal auditors to the success of organizations and the global economy at large. The proclamation also recognizes Internal Audit for:
  • Being a vital part of strengthening organizations and protecting stakeholders in both the public and private sectors
  • Helping to identify and manage organizations' risks and ensuring that policies, procedures, and controls are in place and working appropriately
  • Being an increasingly sophisticated and complex activity that requires specialized knowledge, training, and education
  • Being an established profession, led by the Institute of Internal Auditors, with a globally recognized code of ethics and International Standards for the Professional Practice of Internal Auditing

Internal Audit Services

  • Auditing and Assurance Services in which planned reviews of departments, processes, and systems are completed. Reviews are determined by a risk assessment process.
  • Consultations and Advisory Services which provide advice and information on internal controls, risk management, and sound business practices.
  • Investigations in response to allegations of fraud and abuse, conflicts of interest, nepotism, and other matters in violation of state or federal regulations, university policy, or other guidance.
  • Learn more on the Types of Engagements page.

4 Internal Audit Myths

  1. Internal Auditors are Accountants by training. One of the most common misperceptions about internal auditing is that the auditors are all Accountants who focus solely on financial records. While a solid audit or accounting background can be helpful for a career in internal audit, internal auditors commonly address fraud risks, compliance issues, and a myriad of operational issues that are unrelated to accounting.
  2. Auditors are nit-pickers and fault finders. Internal audit’s focus is on major risks rather than on nit-picking details. Audit resources are limited, and when auditors focus too much attention on minor issues, they are limiting the time available for addressing the major risks and controls that are at the heart of internal audit. Any auditor would rather report on a $6 million cost savings than on a $6 error!
  3. It’s best not to tell the auditors anything unless they specifically ask. Audit clients are sometimes given this advice by well-meaning friends, but it results in less efficient audits and wastes everyone’s time. If auditors believe their clients are purposefully hiding information, whether by omission or commission, they normally will increase the scope of the audit to determine whether other important information has gone unreported. The purpose of internal auditing is to add value and improve an organization’s operations, and hiding information is against everyone’s best interests.
  4. Internal auditors follow a cycle in selecting their audit “targets” and use standard checklists so they can audit the same things the same way each time. Our professional standards require risk-based plans to determine our priorities, both in developing audit plans and in planning individual audits. In general, internal auditing is a dynamic profession that can change any time an organization’s risks change.
(Source - Institute of Internal Auditors webpage)