The Importance of Internal Audit in Achieving Successful Management

Abstract

: Applying internal audit and its mechanisms of internal control systems contributes significantly to business resilience, with the potential to design new strategies to promote business stability and enhance business operations and success. This paper introduces results of a study based on exam-ining the present state and degree of internal auditing on a sample of companies doing business in the Republic of Serbia. In line with the results of the empirical research, it can be concluded that internal audit helps improve business management in companies in the Republic of Serbia. Also, the level of development of internal audit does not correspond to the level of development of this profession observed in countries with highly-developed market economies.