Effective Sizing of Internal Audit Activities for Colleges and Universities
NEW! From The IIA Research Foundation!
How much of an institution’s resources should be allocated to the function of internal auditing? It is widely accepted that internal auditing is a key element of internal control, and that it is key to the performance and accountability demands of colleges and universities. Yet, institutions often struggle to know whether the investments they make in resource allocations for internal auditing are appropriate and effective.
The purpose of this research is to develop and test a conceptual model of internal audit effective-sizing.
Not all internal audit activities are the same, nor do they have the same mission within their institutions. Therefore, simply comparing the size of one internal audit activity with another—even in organizations with similar characteristics and the same relative size—can give misleading indications as to the appropriate size of an internal audit activity.
This study led to development of a conceptual model of internal audit effective-sizing that articulates the key factors that may be tailored to each organization's unique characteristics, mission, personnel, and quality profile. It examines seven critical factors that determine the size of an internal audit function:
This model will help institutions better allocate their resources and reflect better alignment between management and audit committee values for internal audit and the delivery of value-added activities.
Included is an interactive tool to assist chief audit executives in determining the appropriate size for the internal audit activity of their institution.
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