What is internal audits?

I’ve heard the term internal audit come up a lot in business discussions. Can someone explain what an internal audit actually involves?
 
Internal audits are independent, objective assessments of an organization's operations, controls, and risk management processes. They help improve efficiency, ensure compliance, and add value by identifying weaknesses and recommending improvements.
 
Internal audits are independent evaluations conducted within an organization to assess its risk management, control processes, and governance. They help ensure compliance with policies and laws, improve efficiency, and identify areas for improvement. Internal audits provide management with insights to enhance operations and reduce risks.
 
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