Internal audit practice is used to increase compliance, efficiency, and effectiveness by monitoring, assessing, and improving organizational control methods. This study covers a problem in the literature by considering the impact of internal audit risk management, financial controls, market volatility, and compliance on the enterprises of Lebanon amid inflation. Internal audits are a fundamental need for transparency, control, and accountability. This was quantitative research with a sample of 141 people. The findings indicated that internal audit practices could potentially have a significant influence on business performance, particularly in the volatile economy of Lebanon. They are crucial for these businesses to grow and survive. The results enhance the understanding of internal auditing and its impacts on fragile economies. For other businesses facing similar conditions, the increasing reliance on internal audits may have implications for their reduction of inflation. The research will assist policymakers, business people, and academics in grasping how internal audit practices impact firm performance in inflationary conditions.