CIMA P3 Syllabus C. Internal controls - Internal Audit - Notes ^{1 / 6}

An independent appraisal activity established within an organisation as a service to it. It is a control which functions by examining and evaluating the adequacy and effectiveness of other controls; a management tool which analyses the effectiveness of all parts of an entity’s operations and management.

Objectives of internal audit:

• Safeguard of assets

• Managing risks

• Accounting records

• Compliance

• Reduce overheads

• Effective controls