Factsheet - Internal Audit as a Trusted Advisor

Factsheet

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This factsheet is being updated in line with the 2024 Global Internal Audit Standards. A new version will be available for members shortly.   

Author

IIA-Australia

Date

2022 

Topics Explored

Internal Audit, Soft Skills

Format

Factsheet

Extract/Description

Internal audit is there to do more than just confirm compliance and tell management what they already know. These days, audit committees and management are seeking greater value from internal audit, with a view to improving the business.

Key Points

1. Internal audit actively contributes to organisation success by providing information to those governing it and those managing it.

2. The chief audit executive can make a significant contribution by participating in strategic committees and strategic initiatives and projects.

3. Internal audit is positioned independently of line management and can therefore provide frank and fearless commentary and feedback focused on potential organisation improvement.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

No