About Internal Auditing
What is Internal Auditing?
Internal auditing is an independent, objective assurance and advisory service 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 governance, risk management, and control processes.
Performed by professionals with an in-depth understanding of the business culture, systems, and processes, internal auditing provides assurance that the organization’s control processes are adequate to mitigate its 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 conclusions with clarity and accuracy. These diverse responsibilities give internal auditors a broad perspective on the organization and make the internal audit function a valuable resource to boards of directors and senior management.
Seems like a lot to ask from one resource? Maybe for some, but for internal auditors — it’s all in a day’s work.
Purpose of Internal Auditing
The Purpose of Internal Auditing statement is intended to assist internal auditors and internal audit stakeholders in understanding and articulating the value of internal auditing.
Purpose Statement
Internal auditing strengthens the organization’s ability to create, protect, and sustain value by providing the board and management with independent, risk-based, and objective assurance, advice, insight, and foresight.
Internal auditing enhances the organization’s:
- Successful achievement of its objectives.
- Governance, risk management, and control processes.
- Decision-making and oversight.
- Reputation and credibility with its stakeholders.
- Ability to serve the public interest.
Internal auditing is most effective when:
- It is performed by competent professionals in conformance with the Global Internal Audit Standards, which are set in the public interest.
- The internal audit function is independently positioned with direct accountability to the board.
- Internal auditors are free from undue influence and committed to making objective assessments.
Internal Audit Profession Resources
The following resources are ideal for elevating, enhancing professionalism, and building awareness of the profession.
Downloads and Links
The Basics
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
Frequently Asked Questions About the Internal Audit Profession
For Governing Bodies
Value Proposition: Internal Auditing's Value to Stakeholders
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
Authoritative Guidance
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
