What is an essential outcome expected from an internal audit process?

The essential outcome expected from an internal audit process is improved financial performance and risk management. Internal audits are designed to assess the effectiveness and efficiency of a credit union's operations, compliance with applicable laws and regulations, and overall governance. By identifying areas of risk and inefficiency, auditors can provide insights that lead to enhanced financial performance. This may involve recommending changes to processes, controls, or practices that could prevent financial loss and improve operational reliability. Additionally, effective risk management practices ensure that the credit union can navigate uncertainties and protect its assets, leading to sustainable growth and stability. This focus on both financial performance and risk management aligns directly with the core objectives of internal audits, making it an essential expected outcome.