Internal auditing is an 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.

”Internal Audit is assurance of true picture of state of affairs of an entity. It is checking within the entity. It helps in ensuring optimum utilization of the resources of the entity. Internal audit is not compulsory, but a company can conduct it to review the operational activities of the firm or an organization. In this type of auditing, the entity’s management determines the work area. It also does critical appraisal of internal controls and helps in implementing the best industry practices to meet corporate objectives. It identifies threat and opportunities and designs controls to manage the risks and taking advantage of opportunities.