Whenever you feel weak, you approach a doctor for a health checkup, and the doctor examines your whole body to find out the reason for the weakness. Similarly, when your business undergoes any challenging circumstances it needs to be evaluated to find out the faults. This process is referred as internal auditing, through which a company can detect the errors in their records or identify the department which is not working smoothly.
When should one conduct the Internal Auditing? Who should conduct Internal Audits?
The company can conduct internal auditing on the basis of circumstances prevailing within the organization or the company can conduct it on a regular basis after frequent intervals say quarterly or half yearly.
Any organization with a compliance management program should regularly conduct Internal Audits to assure that the business is operating at maximum efficiency in all department areas especially regarding compliance.