2023 February

Internal audit is an independent and objective assurance and consulting activity designed to add value and improve an organization's operations. The internal audit function is typically carried out by employees of the organization and is overseen by an audit committee or other governing body.

Auditing is the process of examining an organization's financial records, operations, and processes to assess their accuracy, completeness, and compliance with relevant laws and regulations. The primary objective of an audit is to provide an independent assessment of an organization's financial position and performance.

Performance improvement is a strategy under the umbrella of performance management that helps employees achieve better performance and growth. Managers typically use performance improvement plans (PIPs) to help underperforming employees meet the organization’s standards and requirements, both in terms of productivity and behaviors. This is called operational or individual performance improvement.