SA Solution providing internal auditing service as needed for the clients to identify business risk for necessary improvement. Internal audits evaluate a company’s internal controls for various aspect. These audits ensure compliance with laws and regulations and help to necessary improvement to minimize the risk. Internal audits also provide management with the tools necessary to attain operational efficiency by identifying problems and correcting lapses before they are discovered in an external audit.

KEY TAKEAWAYS FOR INTERNAL AUDIT:
• An internal audit offers risk management and evaluates the effectiveness of many different aspects of the company.
• Types of internal audits include financial, operational, compliance, environmental, IT, or for a very specific purpose.
• Internal audits provide management and the board of directors with a value-added service where flaws in a process may be caught and corrected prior to external audits.
• Like external audits, internal audits are conducted through planning, auditing, reporting, and monitoring steps.
• Internal audits may enhance the efficiency of operations, motivate employees to adhere to company policy, and allow management to explore specific areas of its operations.

Importance of Internal Audits:
Some may think internal audits are not as valuable as external audits. After all, a company may hand-pick its own internal audits who do not have full independence from the company. However, there are many ways internal audits provide value to the company and external parties:
• Management can be more efficient about what to explore.
• Internal audits may save companies money.
• The company enhances its control environment.
• Internal audits may make companies more efficient.
• Internal audit reports give management a head start to make corrections.
• Certain departments may need enhanced oversight.

A gap analysis is the means by which a company can recognize its current state—by measuring time, money, and labor—and compare it to its target state. By defining and analyzing these gaps, the management team can create an action plan to move the organization forward and fill in the performance gaps.