May is Internal Audit Awareness Month. The state of North Carolina celebrated the importance of its internal auditors with a proclamation issued by Governor Roy Cooper.
What is Internal Auditing?
Internal auditing is critical to strong organizational governance, risk management, and effective internal control. Internal auditors:
- Evaluate risks
- Assess controls
- Improve operations
- Review processes & procedures
- Assure safeguards
- Provide insight & foresight
- Communicate results & recommend action
Why Do We Need Internal Audit Awareness?
Recognizing the importance of internal auditing acknowledges the value of identifying and managing organizational risks for all kinds of entities, including corporations, small businesses, nonprofits, and government agencies. It recognizes the special skill set and training needed to successfully conduct internal audits. And it acknowledges the contribution of internal auditors to organizations’ success in our state.
Internal Auditing in State Government
In North Carolina state government agencies with an annual operating budget of more than $10,000,000 or more than 100 full-time employees, or that receive and process more than $10,000,000 in cash in a fiscal year must have an internal auditing program. State internal audits comply with current Standards for the Professional Practice of Internal Auditing issued by the Institute for Internal Auditors.
The Central Internal Audit Office at OSBM supports the state Council of Internal Audit, which helps set standards and encourage best practices for state agency internal audit functions. The Division provides resources and trainings to assist agency staff in pursuit of internal auditing excellence.
Search #IIAMAY on social media for more about Internal Audit Awareness Month.