This updated guidance, which replaces four previous documents, reviews key criteria unique to the public sector and is designed to support a chief audit executive in building a new, rejuvenating an underperforming, or enhancing a new internal audit activity. Thorough and detailed, this guidance reviews the risks associated with accountability for public funding, the nature of politics, public good and/or interest, compliance, and transparency.
This guidance will enable internal auditors to:
- Understand key public sector issues/risks that can impact internal audit work and how to address them.
- Describe different operational delivery models and their application, benefits, and issues.
- Establish or improve an internal audit activity in the public sector.
- Recognize how to assess and optimize internal audit activities to maximize organizational benefit.
- Establish monitoring and reporting mechanisms to gather stakeholder feedback on internal audit work and report on internal audit performance.