What is Internal Audit?
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Performed by professionals with an in-depth understanding of the business culture, systems, and processes, the internal audit activity provides assurance that internal controls in place are adequate to mitigate the risks, governance processes are effective and efficient, and organizational goals and objectives are met.
Evaluating emerging technologies. Analyzing opportunities. Examining global issues. Assessing risks, controls, ethics, quality, economy, and efficiency. Assuring that controls in place are adequate to mitigate the risks. Communicating information and opinions with clarity and accuracy. Such diversity gives internal auditors a broad perspective on the organization. And that, in turn, makes internal auditors a valuable resource to executive management and boards of directors in accomplishing overall goals and objectives, as well as in strengthening internal controls and organizational governance.
Seems like a lot to ask from one resource? Maybe for some, but for internal auditors — it’s all in a day’s work.
Definition of Internal Auditing
According to the Definition of Internal Auditing in The IIA's International Professional Practices Framework (IPPF), internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Internal Audit Profession Resources
For newcomers to the profession of internal auditing as well as experienced practitioners who want to promote the profession and its role in the success of an organization, the following resources are ideal for elevating the profession, enhancing professionalism, and building awareness.
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Downloads and Links
All in a Day's Work
A look at the varied roles of internal auditors
Adding Value Across the Board
How internal auditing contributes to strong corporate governance
For Governing Bodies
The Value of Internal Auditing for Stakeholders
How internal auditing provides assurance, insight, and objectivity to audit committees and boards of directors
The Audit Committee: Internal Audit Oversight
Implementing best practices and high standards
Standards and Professionalism
Overview of the IPPF and its mandatory and strongly recommended components
What Does it Take to Be a Professional?
Internal auditing related to professionalism in ethics, standards, and certification