According to OIG, internal monitoring and auditing should be performed by periodic audits.
OIG stands for Office of Inspector General. An act was passed in the year 1978 on the role of the Inspector General. It is called the Inspector General Act of 1978. According to the act, the Inspector General can promote economic efficiency and can also conduct independent audit objectives.
A periodic audit refers to the audit which is carried on for one month or three months. It is also called the audit for an intermediate period.
Auditing refers to the process where the evaluations are carried out by an independent individual. Internal monitoring is done by individuals who are dependent on the process of routine.
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