What is Internal Audit?
The Institute of Internal Auditors defines internal auditing as follows:
'Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.'
Milton Keynes Council Internal Audit Services therefore exist to satisfy legislative requirements but also to add value to the organisation, to concentrate on the key risks, to evaluate and assess the internal control system and to contribute to the proper, economic, efficient and effective use of resources.
One of the key concepts in Internal Audit work is Risk Management. This recognises that corporate governance has taken on added significance in many areas of the world, including local government and that control exist to help manage risk. Internal Audit Services help the Council identify key risks, both financial and non-financial and provide assurance about the effectiveness of the control structure.
Last Updated: 30 November 2017