Internal audits can be divided into several different types of reviews. Over the course of an audit cycle, internal audit will perform:

  • Financial Reviews – to evaluate the accounting and reporting of financial transactions, including commitments, authorizations and receipts and disbursement of funds.
  • Compliance Reviews – to determine the degree of adherence to laws, policies, and procedures.
  • Operational Reviews – to examine the means used to identify, measure, classify and report information; review the means for safeguarding assets; identify opportunities for economy of resources; and review the systems established to ensure compliance with policies, procedures, plans, laws and regulations.
  • Information System Reviews – to evaluate system input, output and processing controls, backup and recovery plans and logical and physical security.
  • System Development and Implementation Reviews – to provide input into the control aspects of major information systems development projects. This input is designed to provide important feedback during the formative stages of information systems projects.