Summary

In this chapter, we have explained the management of internal audit function by describing key requirements, the InFission approach to internal audit, and automation of the internal audit function using Oracle GRC Manager as an audit management tool.

Internal audit function is essential to maintain effective risk management and controls within a significant business process. Internal audit function enables the organization to achieve its objectives while managing risks. The independent assessment of internal controls provides the independent assurance to the board of directors and stockholders that financial and operational information is reliable, operations are performed efficiently and achieve established objectives, assets are safeguarded, and actions and decisions of the organization are in compliance with laws, regulations, and contracts.

The Chief Audit Officer's role is very important to lead and manage the audit assessment program and ensure effective risk management and control...