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What is Internal Audit?

What is Audit?

Auditing is the evaluation of a person, institution, organization, system, process, project or product.

An audit is undertaken to ensure the validity and reliability of information, as well as to provide an assessment of the internal control of a system. The purpose of the audit is to express an opinion about the person, institution, system, etc., based on test results. Due to practical constraints, only reasonable evidence is provided in the audit that the statements are free of material errors. Therefore, statistical examples are frequently used in auditing. In a financial audit, a set of numerical statements are considered true when they do not contain quantitative or qualitative errors.

In its simplest form, auditors are people who, on accounting days, audit a company´s accounting records to determine whether they are accurate and consistent with the company´s purpose for existence.

It provides comfort (assurance) to itself by having an outside person control the accounting audits.

Auditors do not deal with every record in their accounts in accounting; They audit the records they have determined by making use of their experience, according to the internal structure of the company and its field of activity.

The audit is carried out by an authorized, independent and impartial person or persons called auditors or accountants, and these people issue an audit report according to the audit result.

Such systems must comply with the standards set by the governing bodies that regulate trade. These standards provide assurance to third parties or external users that the company´s financial position is ´correctly´ disclosed.


Generally Accepted Auditing Standards

The assurance of quality and reliability in auditing depends on the compliance of the audit activity with predetermined criteria.


This determination brings us to the auditing standards for the auditor´s qualifications and the overall audit process.

The standards accepted by professional organizations and which audit organizations and auditors have to comply with are called "Generally Accepted Auditing Standards". These standards were first accepted by the American Institute of Certified Public Accountants (AICPA) in 1947.


1. General Standards

Education and experience


Professional care and diligence


2.Work Area Standards

Planning and oversight

Examining the Internal Control System

evidence collection


3.Reporting Standards

Compliance with generally accepted accounting principles

Consistency in generally accepted accounting principles

full disclosure

giving feedback


Inner control

It is an audit and consultancy activity carried out to help an institution reach its goals, by evaluating the risk management, control and corporate governance processes of that institution, to improve and develop these processes.

The Five Elements of Internal Control are Control environment, Risk assessment of public administration, Control activities, Information and communication, Monitoring-follow-up process.

These elements are reassessed over time and are constantly revised.

Internal control system:

It is the proper examination and evaluation of the existing internal management and internal control as a reliable basis, in order to determine the results to be obtained from the tests on which audit methods are dependent.

The existence of an effective internal control system of an organization increases the accuracy and reliability of published reports and information. Having an effective internal control system reduces the risk of reports and information being inaccurate.


- Identifying, measuring and prioritizing risks,

- Identifying internal controls and evaluating their adequacy,

- Eliminating unnecessary, inefficient and inadequate controls and creating new ones in their place,

- Restructuring processes to strengthen the internal control system,

- Establishing an in-house risk and control database,

- Evaluation and development of information systems and communication mechanisms used in the institution in terms of effectiveness, efficiency and economy

- Evaluation of controls in information systems

- Evaluation and development of the institution´s business continuity, emergency plans and crisis management plans,

- Continuous and periodic monitoring and evaluation of internal controls by management and internal auditors

required. If these studies are not carried out, it will not be possible to talk about the existence of an effective internal control system.



This questionnaire is designed to evaluate the internal control system. Also, this questionnaire

To what extent the internal control system achieves its objectives in the context of changing conditions, resources and risks.

It will also be possible to determine that it facilitates.

If we give examples of these questions;


1. Are Public Internal Control Standards known in your unit?

2. Increasing the awareness and ownership of the managers and staff regarding the internal control system and its operation in your unit.

Are studies carried out for the month?

3. Cost-benefit analysis when checking control controls in your unit?


Types of Controllers

Placement in the financial audit dualists category:

External Audit: External auditors are independent audit producers so that a client who should not have audited can express not the slightest opinion about inaccuracy in their processes. In open trade businesses, external auditors have a right to good idea domestic consumption. The most important companies are considered evaluations by the audited companies.

Internal Auditor: Internal auditors are the controllers, who are in charge of internal controls and are purchased by the company. Internal auditors are required to present audit reports to management or their subordinates, not to management, although their choice may be acceptable to the company. There are pre-observed snags in the audit with the management audit.

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