What are the potential benefits of an internal audit?
• Objective assessment of areas of interest to management. • Confirmation that controls and procedures are satisfactory. • Identification of deviations from policies or management’s standards and exceptions. • Identification of controls that need improvement. • Recognized improvements to accounting controls to prevent and detect problems. • Ideas to eliminate redundant or burdensome controls. • Identification of productivity enhancements. • Recognized opportunities to automate procedures. • Confidence in the use or design of electronic data processing systems. • Confidence in personal computer applications. • Recoveries of unbilled or under billed revenues. • Recoveries of contractor overcharges. • Early detection of problems before they come to the attention of others. Back to Top Q. To whom does the Internal Audit Division report? A. Internal Audit is a division of the Office of Management and Budget and the director reports to the City Manager. Back to Top Q. What professional stand