The importance of independence and objectivity, which has always been significant for internal auditors, continues to increase among the challenges facing internal audit activities in the constantly changing business environment. An ever-growing number of stakeholders, both inside and outside an organization, continue to demand greater transparency, increased disclosures, expanded internal audit services, increased professionalism, improved coordination among internal and external auditors, greater responsibilities, and more accountability from internal audit professionals. This practice guide was developed to address these changes and increased expectations.
The purpose of this practice guide is to:
- Highlight IIA guidance on independence and objectivity.
- Discuss potentially confusing aspects encompassing independence and objectivity.
- Identify activities that support independence and objectivity.
- Identify various considerations and potential challenges related to independence and objectivity.
- Provide frameworks for managing independence and objectivity.