What is internal audit?

• Internal audit is independent objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes (definition from International Professional Practices Framework (IPPF))
• Internal audit in the Czech Republic is relatively a young profession which has developed into this modern perception in the mid nineties of last century. Significant development of the internal audit profession was due to the Act No. 320/2001 Coll. Act on financial control in public administration which delimitated the scope of internal audit in public administration.  
• Internal audit is focusing on assessment of internal control system in the organization by providing information, evaluations, analyses, recommendation and consultations to the bodies of the organization and its top management in order to enable them effective fulfillment of their duties. Along with the latest trends in the world of internal audit, it provides assurance that the company is aware of risks to which it is exposed and manages them.