In this blog post, Aaisha, a Consultant at DCR Partners, shares her insights and experiences from working in Internal Audit. Within her role, she is actively involved in both client engagements and internal projects, including IT initiatives. As she builds her expertise in Internal Audit, Aaisha collaborates with clients across various industries - helping them strengthen risk management, enhance processes, and navigate complex challenges.
If you’d asked me a year ago what internal audit was, I probably would’ve said something about compliance, checklists, or pointing out what’s gone wrong.
Now that I’ve spent a year in the field, I know it’s so much more than that.
Internal audit is about helping businesses make better decisions. We provide independent insight into how risks are managed, how processes are functioning (or not), and where things can be improved. It’s about digging beneath the surface – not just to find issues, but to understand why they’re happening and how to address them in a meaningful way.
We're not here to criticise or catch people out. We’re here to add value.
Internal Audit vs. External Audit - What's the Difference?
One of the most common misconceptions I’ve encountered is the confusion between internal and external audit. It’s understandable – they sound similar. But the differences are significant.
- External audit focuses on the financials. It ensures that a company’s accounts are accurate and comply with legal standards.
- Internal audit, on the other hand, looks at the business more holistically – covering finance, operations, strategy, systems, risks, and governance.
External auditors report to shareholders. Internal auditors report to the business. Our goal is to help the organisation improve, adapt, and become more resilient from the inside out.
The Value of Transparency
One approach I’ve come to truly appreciate is how open and transparent internal audit can be.
If we come across something that might be an issue – even if we’re not 100% sure yet – we raise it early. We don’t wait until the end of the audit to spring findings on people. We keep the conversation going throughout the process.
This builds trust. Clients feel informed and involved, and it opens the door to real dialogue. Sometimes they challenge our initial thoughts, and we take another look. Other times, they appreciate the new perspective.
What I’ve realised is that internal audit isn’t just about reviews and reports – it’s about relationships. And strong relationships lead to better outcomes.
Supporting Better Business Outcomes
Over the past year, I’ve seen firsthand how internal audit can drive real business value. It's not about ticking boxes - it’s about enabling smarter, more confident decisions.
Internal audit can:
- Flag risks early - before they escalate
- Improve the efficiency of processes
- Strengthen controls around sensitive or high-impact areas
- Offer an objective lens that challenges assumptions constructively
At its best, internal audit gives leadership clarity and confidence that the business is on the right track - with the right controls in place to stay there.
Internal Audit & The Three Lines of Defence
Another thing I’ve learned is how internal audit fits within the broader risk and control framework.
In regulated environments, the three lines of defence model is common, but it can also be confusing. Different teams have different roles:
- First line: Operational management owns and manages risks.
- Second line: Functions like risk and compliance provide oversight and guidance to first line and report on risk to senior leadership.
- Third line: Internal audit provides independent assurance on how well risks are managed.
At times, it might seem like these lines blur, especially as businesses evolve. A strong internal audit function balances independence with working in parallel with the first and second lines of defence to drive efficiency.
So...What Makes Internal Audit Different?
We often work alongside other teams that also look at risks and controls – like compliance, risk, and quality assurance. So, what makes internal audit unique?
Here’s what stands out:
- Independence: We’re separate from the teams we review, which gives us objectivity.
- Breadth: We cover the entire business – not just one function or area.
- Assurance: Our work provides assurance to senior leadership, the Board and the Audit Committee.
- Risk-Based Approach: We focus on what matters most, based on top-down risk priorities.
When internal audit works well with these other teams, it creates a more connected and effective risk and control environment across the business.
Final Thoughts
As someone still early in their internal audit journey, I’ve learned a lot in just one year – and I know there’s still so much more to discover.
But here’s what’s surprised me most: internal audit isn’t what people think it is. It’s not cold or rigid. It’s collaborative. Dynamic. And, at times, even creative.
It’s about adding value, building trust, and helping organisations grow stronger from within.
And honestly? I think that’s a pretty exciting place to be.
If you'd like to learn more about how we can help you strengthen your internal audit function, please don't hesitate to get in touch.