A remote audit or virtual audit came as a boon to audit teams during the unprecedented covid 19 crisis. It is a method of conducting an audit remotely using technology. Just like an onsite audit, it covers interview with management and employees, verification of documents and reports.
The primary role of auditors is to help the organization remain compliant and meet its objectives efficiently. The growing and changing needs of stakeholders, crisis management requirements, and uncertainty have widened the scope of internal audits. In response to these requirements, new trends have emerged in the field of internal audit that will add value to the organization and guide it through the landscape of risks.
We know that good governance is the culmination of robust internal controls. Risk management specialists and compliance officers always speak about implementing internal controls. What exactly is the definition of internal controls? The federal security law, Section 13(b) of the Securities Exchange Act of 1934 provides a clear definition of internal controls interns of accounting and bookkeeping: