Routine internal audits ensure the company has the ability to survive in a competitive business environment, and continue to prosper. Essentially, they gather information on how an organization or company is operating and uses it to show where it is doing well and where it can improve.
Standards on Internal Audit represent the codification of the best practices in the field of internal audit. Application of Standards on Internal Audit is recommended as they are aimed to increase the overall credibility, consistency, clarity, and comparability of the work performed by the internal auditors.