Audits identify whether the right processes are in place and that procedures are being followed. Internal auditing is overall designed for monitoring the effectiveness of the internal control processes.
Internal audits are a great opportunity to spend some time investigating a specific process or area and evaluating its performance.
The greatest advantage of internal audit is that it helps in the management of the organization effectively. Internal audits will highlight any incorrect processes that are followed and help in rectifying the processes that lead to improvement in process efficiency.
As internal audits are performed at fixed intervals, management can review performance and take appropriate decisions regarding operational improvement. Internal audits are important in keeping employees alert about their responsibilities, which helps in improving their efficiency.
At ASSENT STEEL the following steps are involved in the Internal audit process.
Preparation of annual audit plan.
Opening meeting.
Document verification.
Facility visits and evidence collection.
Closing meeting and discussion of observations.
Audit report preparation and issuance
Closing out of CARs and NCRs, if any.
At ASSENT STEEL we have a team of 16 internal auditors and 3 Lead auditors who conduct the audits within the organizations as well as second-party audits in planned intervals.
