From the course: International Business and Finance
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Internal audit practices
From the course: International Business and Finance
Internal audit practices
- [Instructor] A robust internal audit function ensures compliance, identifies risks, and enhances operational efficiency across global operations. Internal audits are essential for multinational corporations to ensure compliance, risk management, and process improvement. In particular, the internal audit when it comes to compliance, allows us to verify adherence to local and international laws, regulations, and corporate policies. Internal audits also assist with risk management by identifying and mitigating operational, financial, and compliance risks. And internal audits improve process improvement by evaluating the efficiency and effectiveness of internal processes. For example, an internal audit in a subsidiary might uncover non-compliance with local labor laws, prompting corrective action to avoid regulatory penalties. Auditing multinational operations though involves unique challenges, including international regulations, cultural differences, and data access and security…
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