Introduction of new laws and policies by government: If the government introduces any new law or policies then there is a need to conduct an internal audit to analyze which part of the department needs to be rearranged to comply with the new laws.
Before expansion of your business: If you are planning to expand your business then you must conduct an Internal Audit to analyze whether the company has sufficient finance to expand and also to identify which sections of the organization will need more workforce and to get an idea about the requirements of new assets for expansion.
When the competition increases: If there is an increase in the degree of competition then it is a best course of action to conduct an Internal Audit to discover the hidden strengths of the company and to formulate new strategies to face the competition and to acquire first mover advantages.
On a regular basis: A man who is very health conscious may conduct a health check up at a regular basis. Similarly a business man who is concerned about his business can conduct the internal audit annually on a regular basis to continuously monitor the performance of his company, which will help to detect any errors if occurred.
