What is an internal audit
An internal audit differs from an external audit in that it is carried out by a forex company’s internal or external accountants. The purpose of an internal audit is to assist a forex company in accomplishing all of its objectives and fulfilling all obligations of the regulatory authorities.
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Internal audit explained
Internal auditing is a consultative activity carried out with the purpose of adding value and improving a forex company’s operations. The purpose of an internal audit is to help improve the overall structure and practices of the company. It differs from an external audit in that it is not responsible for the execution of company activity. To contrast, the purpose of an internal audit is to advise and guide a brokerage firm and to bring a systematic, disciplined approach to its operations.
Internal auditing is a significant process as it provides objective, independent advice to senior management. An internal audit aims to evaluate and improve the effectiveness of all activity, particularly in relation to risk management, control and governance processes. Most forex company’s have internal auditing as a way to ensure that they are always up to date with statutory requirements and are fully compliant with external regulatory authorities and their guidelines.
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