noun

• An assessment of an organization's accounts or affairs or of a specific aspect of its operations, conducted (especially on a continuous basis) by members of staff, as distinct from periodic inspection by independent auditors or external consultants; the practice of undertaking such audits.

  While external audits tend to focus exclusively on the finances and accounts of a business, internal audits tend to have a broader remit, seeking to ensure the effective operation of internal or statutory regulations, optimal use of a company's resources, or the fulfilment of its legal obligations as an employer.