What Is Internal Audit and Why Is It Important?
Internal audit is the “hidden eyes” of a business, ensuring that your company’s financial and operational processes comply with legal requirements, internal policies, and efficiency standards.
In Armenia, many companies think about audits only during tax inspections, but in reality, internal audit is a preventive tool that protects your business from potential errors and financial losses.
What Problems Does Internal Audit Solve?
Detecting Financial Errors
Identifies inconsistencies, incorrect entries, and omissions in accounting documents.Reducing Risks
Evaluates operational risks — from financial irregularities to supply chain issues.Fraud Prevention
Timely audits help uncover potential abuses, corruption schemes, or conflicts of interest.Optimization and Efficiency
Internal audit doesn’t just find problems — it also offers solutions to improve processes and boost efficiency.
How Internal Audit Is Conducted
The internal audit process typically includes the following steps:
Preliminary Data Collection – Auditors review accounting documents, contracts, and internal reports.
Risk Assessment – Identifying areas most likely to have errors or irregularities.
Report Preparation – The audit team compiles a detailed report of all identified issues.
Consultation and Improvement Suggestions – Offering concrete steps to reduce risks and improve processes.
How Often Should You Conduct an Internal Audit?
Depending on your company’s size and industry, internal audit is recommended at least once a year.
If your business operates in a high-risk sector (financial services, large supply networks, public procurement), audits may be needed semi-annually or even quarterly.
Why Choose a Professional Team
Selecting the right audit team is crucial:
Professionals ensure objective evaluation
They use modern tools and methods
They maintain confidentiality and work solely in your best interest
Hashvapah.com has years of experience in internal auditing and is ready to help your business uncover hidden risks and ensure stable growth.
Internal audit is not just a control tool — it’s a strategic step for checking your business’s health and planning for future growth.
If you want to keep your company safe, competitive, and efficient, now is the time to consider an internal audit.