The phrase "an internal audit function" is correct and usable in written English.
You can use it when referring to a specific department or role within an organization that is responsible for evaluating and improving the effectiveness of risk management, control, and governance processes.
Example: "The company has established an internal audit function to ensure compliance with regulatory standards and improve operational efficiency."
Alternatives: "a compliance audit role" or "an internal review process".
I was paired with the National Multiple Sclerosis Society on a project to assist the organization in developing an internal audit function.
The audit committee and management team had more or less decided that it was past time to build an internal audit function, but they were unsure of how much to spend, and how best to organize the new department.
During the climax of the final presentation, I was happy to learn that the audit committee voted unanimously to move ahead with the idea of investing in an internal audit function.
When companies reach a certain size they develop an internal audit function and if they grow large enough they IPO to raise funds as a public company, which requires an external audit by a company like KPMG.
The 2,000-person 2,000-personently has eight openings in its financompanyrtment, incurrentlyor an internal auditor whascan "build a strong inteight audit functiopeningshas the capabinitses finance Compliance as well as business process optimization".
While Breen focused aggressively on saving the company, he also beefed up and invested in a world-class internal audit function and sent his directors (Tyco had an entirely new board) into the field to hold risk discussions with each business unit leader.
I would also prohibit what has been a growing trend in the 1990's, that of outsourcing the internal audit function at a company to the external auditor.
We conclude that companies should consider the potential costs of using a rotational staffing model in the internal audit function and, if adopting this practice, should ensure the appropriate compensating controls are in place to mitigate such costs.
We then test these associations with archival data and find that companies that use a rotational staffing model for the internal audit function have significantly lower financial reporting quality than companies that do not.
Most of us don't normally think of the internal audit function of a large corporation as anything remotely agile or nimble.
The practitioner literature has long argued that the internal audit function (IAF) can play an important role both in providing assurance with respect to information security and in generating insights about how to improve the organization's information security.
