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Running an Internal Audit

Written by admin on . Posted in Continuous monitoring and evaluation of controls t, Prioritization of risks, Supply chain management

For those not aware, an audit is an examination of a person or company’s financial assets. This may include risk management work and to understand the macro and micro risks impacting the company’s finances overall, and supply chain management may be involved, too. An audit may be done right before the business tax season, to ensure that a company is not unfairly paying too many taxes or illegally paying too little. Identification of risks may be done with an internal audit, and to understand the macro and micro risks impacting the company’s finances is to take the initiative on the company’s present and future. A manager who can understand the macro and micro risks impacting the company’s bottom line may avoid some expensive and legal complications later on. And where international trade and business is concerned, to understand the macro and micro r