Internal audit and its importance in the company

The aim of this work is to evaluate the usefulness of internal audit in a specific organization, which is focused on information and communication technologies. The first part of the document describes theoretical background obtained by comparation literature and Internet sources analyzing. There is also described the history of the internal audit, its importance and development, the progress of the internal audit, the final report, the types of internal audits and the difference between internal and external audit.. The second section contains conclusion of practical activities based on specific company. In the beginning, there is description of internal audit and control department, which was observed over a certain time interval. It was being studied what types of internal audits are performed in the company, how the audits are carried out, findings and deficiencies identified during internal audits and cooperation among internal and external auditors. and comparison between practice and theory. The conclusion is compared with the theory and practice of the evaluation of the situation and the internal audit function in the company. It is assessed that the internal audit in this particular company has its justified place. Their contributions are mainly in saved costs and detect errors in working practices. They were recommended only two possible improvements for a better functioning of the department. The management was advised to set up an audit committee, for greater independence of the internal audit. The second recommendation resulted from the interviews with the auditors regarding their education, where there is great potential for improving a company should consider investing in this area