Internal audit has an opportunity to transition from its past of monitoring historic transactions and controls through more recent efforts to establish continuous monitoring where errors or deficiencies can be quickly corrected, toward a future of what might be termed predictive monitoring, theoretical monitoring, or ...

What are 3 types of audits?

There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits. External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor's opinion which is included in the audit report.

Is internal audit forward looking?

To ensure that the organisation appreciates that internal audit is evolving and to meet the changing business needs, internal audit needs to promote the fact that it is an innovative, forward looking, insightful, dynamic and value-adding team of 'trusted' advisors.