In addition to traditional auditing activities, internal auditing staff can work hand-in-hand with managers to strengthen operations by:
- Evaluating risks: Identifying activities and relevant risk factors and assessing their significance, determining the source of these risks, and assigning a relative value to them; offering remedies for current trouble areas and anticipating future problems.
- Reviewing compliance: Reviewing an office's compliance with internal or external policies and procedures and legal requirements; providing insight into the impact of any noncompliance found.
- Recommending controls: Examining and evaluating the processes, organizing, planning, and directing; providing information based on findings and recommending controls, focusing on ethical values, consistency in meeting goals, and performance measures.
- Safeguarding assets: Reviewing safeguards used by an office to protect assets against loss, theft, fire, and illegal or improper activities; making recommendations on remedies for process improvement.
- Evaluating reliability of information: Evaluating the information provided to gain insight into the reliability of the information; drawing out unrecognized or under-recognized facts that could provide insight into an office's operations.