Internal Audit Of A Business

1406 WordsApr 27, 20166 Pages
While many people think of management and accounting positions when mentioning a business, one important role that goes unnoticed is internal audit. Internal audit is an important part of a business. Without internal audit, many businesses would be subjected to theft and fraud. One should note that theft and fraud is not the only reason to have an internal audit. Having an internal audit system can help a company protect against lawsuits from employees and customers. Placing policies and procedures around a company’s assets is crucial to the organization’s success in the future. The policies and procedures put in place by the Institute of Internal Auditors are guidelines the company should not take lightly. Every year the company loses…show more content…
For example, 2013 was a rough year for companies trying to keep their customers’ information out of the hands of hackers. When Target was hacked in December of 2013, but released an official statement in January, it was thought to be one of the largest security breaches in retail history. Many people would expect supercenters like Walmart and Target to experience hackers trying to access their system, but even more shock came when The Home Depot experienced a system breach. In September of 2014, the company Home Depot was hacked. Home Depot hackers were able to access more than 56 million credit and debit cards and over 53 million email addresses. According to Michael Winter of USA Today, “Hackers used a vendor’s stolen log-on credentials to penetrate Home Depot’s computer network and install custom-built malware that stole customer payment-card data and e-mail addresses” (Winter). Routinely, hacker’s use the log-on credentials of a vendor and install malware. The same issue happened to Target when their system was hacked. Since September of 2014, Home Depot has spent more than $62 million fixing their systems and offering one year of credit monitoring services to
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