Internal audit can provide advice on the design, implementation and operation of control systems, identify opportunities to make control cost savings and promote a risk and control culture with in the organization.
Internal auditors can also act as facilitators, guiding managers and staff through a self assessment process.internal audit can also become a centre of expertise for managing risk by providing Enterprise – Wide Risk Management services (ERM).
Any system of risk management and internal control needs to be aligned with business objectives. Business objectives and risks relating to those objectives can be classified in many ways, examples;