internal audits
In-house compliance reviews
Internal audits are systematic examinations of an organization's operations, conducted by its own employees rather than outside reviewers.
They evaluate financial records, compliance with regulations, and effectiveness of internal controls.
Unlike external audits performed by independent firms, internal audits serve management's need for ongoing oversight: The internal audits revealed gaps in our inventory tracking procedures.
- paper trailDocumentary evidence chain
- corrective actionsSteps taken to fix problems
- Sarbanes-Oxley ActCorporate financial reporting law
- fraud detectionUncovering deceptive schemes
- red flagsIndicators something's wrong
follow the money · due diligence · efficiency · regulatory standards · accountability · report · sign off · code of conduct · materiality · process improvement · best practices · risk assessment · anti-corruption laws · transparency · legal requirements · financial statements · clean bill · procedures
- governancegovernance, government, democracy, vote, parliament
- accountingbookkeeping, ledger, balance sheet, general ledger, accounts payable
- Quality ControlQA, QC, calipers, micrometers, quality check
- business costsadministrative fees, direct costs, direct labor, labor costs, material costs
- Disclosuresdisclosures, financial statements, annual reports, quarterly reports, earnings reports
- self-regulationthermostat, homeostasis, feedback, autopilot, cruise control