What is the purpose of Internal Auditors in an organization?: Know your Auditing Basics
Channel: Unpack Auditing
Date: 2024-04-03

Many students struggle to understand what Internal auditing is because they do not understand why businesses need Internal auditing or how the need for Internal auditing is created.
In this video, we answer the question of why businesses need Internal auditing by reflecting on the business environment, types of business, forms of business, and how businesses are governed and managed. 

We analyze the reason why businesses need internal auditing as a service how Internal auditing functions can deliver value to businesses and the important role they play.

If you have any questions do not hesitate to reach out.
I hope this video helps you better understand Internal auditing better.

Key learnings:
00:00 Reflecting on the business environment
0:31 What are the different types and forms of businesses?
0:45 What are business objectives?
1:10 What could prevent the organization from achieving its objectives?
1:22 Who can serve on the board of directors?
1:36 Who decides on the strategic goals and objectives of a company?
1:40 Who executes the strategic goals and objectives of an organization?
2:00 How companies are governed, directed, and managed (Using Vodacom).
2:05 Who are the stakeholders in a company?
2:58 What creates a need for Internal auditing?
3:29 What are the different requirements of shareholders and Management?
3:43. Why do businesses need Internal auditing?
3:55 What are the shareholder's requirements for Internal Auditing?
4:24 What are the Management's requirements for IA
5:02 How does the split between management and shareholders create a need for Internal auditing?
5:12 Types of business audits?
5:24 How can internal auditing deliver effective service for both management and shareholders?
5:49 What are the competencies of an Internal audit function?
6:05 What are the characteristics of an Internal auditing function?
6:13 What is an independent assurance service?
6:29 How can Internal auditors maintain Independence?
6:37 What is an audit committee?
6:43 Who can serve on an audit committee?
7:05 What is objectivity in auditing?
7:25 What is the role of Internal audit in an organization?
8:12 Internal and External auditor’s collaboration