The role of internal audit is to provide independent assurance that an organisation’s risk management, governance and internal control processes are operating effectively. … Typically this is the board of directors or the board of trustees, the accounting officer or the audit committee.

An internal audit should have four general phases of activities—Planning, Fieldwork, Reporting, and Follow-up. … The process of issuing an internal audit report should include drafting the report, review the draft with management to ensure the accuracy of findings, and issuance and distribution of the final report.

An internal auditor is an auditor who is appointed by the shareholders of the company in order to carry out the internal audit function. Generally an employee of the company acts as an internal auditor, whereas some companies appoint an external expert as an internal auditor.