Internal audit function: Meaning and Definition

What does internal audit function mean?

Internal audit function is another name for Internal Audit. An independent assessment function within an organization that evaluates and improves the effectiveness of risk management, controls, and governance.

The two names mean the same thing. You will see "internal audit function" in some ledgers, reports and contracts and "Internal Audit" in others. The full entry covers how it works, with examples.

Read the full definition of Internal Audit

Topics

Audit and controls

From the glossary

Related terms.

Audit and controls Internal Audit An independent assessment function within an organization that evaluates and improves the effectiveness of risk management, controls, and governance. Also called internal audit function, management audit Audit and controls Financial Audit An independent examination of a company's financial statements to provide assurance on their accuracy and true and fair view. Also called statutory audit, audit of financial statements, external audit Audit and controls Compliance Audit A systematic examination to verify that an organization adheres to applicable laws, regulations, and internal policies. Also called regulatory audit, compliance review Audit and controls Audit Trail A chronological, tamper-evident record of system activities, transactions, and data changes for accountability and compliance. Also called audit log, edit log, audit history Company law and governance Corporate Governance The system of rules, practices, and processes by which a company is directed and controlled for the benefit of all stakeholders. Also called governance framework, board governance Expense policy Expense Audit An expense audit is a systematic review of employee expense claims to verify accuracy, policy compliance, proper documentation, and legitimacy of business expenditures. Also called expense report audit, expense claim audit

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