What is the primary function of an internal auditor?

The primary function of an internal auditor is to assess and improve internal control and governance. Internal auditors play a crucial role within an organization by evaluating the effectiveness of risk management processes, internal controls, and governance frameworks. They help ensure that the organization operates efficiently, complies with relevant regulations, and achieves its strategic objectives. By conducting audits, internal auditors identify areas for improvement, recommend corrective actions, and assist management in enhancing operational effectiveness and efficiency.

The focus on internal processes distinguishes internal auditors from external auditors, who primarily provide an independent opinion on financial statements. Internal auditing encompasses a broader scope of activities than just ensuring compliance with external regulations. In addition, preparing tax statements is not part of the internal auditor's role, which instead centers around ongoing assessments and recommendations to bolster the organization's internal controls.