Factsheet - Internal Audit Performance Measures

Factsheet

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Author

IIA-Australia

Date

2025

Topics Explored

Internal Audit, Internal Audit Management 

Format

Factsheet

Extract/Description

It was previously considered good practice in internal auditing to (like most organisation business units) have performance measures in place to demonstrate its level of performance. It is now a requirement of the 'Global Internal Audit Standards'. This allows internal audit to be held to account for its performance and to ensure it is delivering a value-adding and cost-effective internal audit service.

Key Points

1. Use performance measures that meet the SMART objectives.

2. Use a balance of quantitative and qualitative performance measures to allow for hard data assessment and consideration of perceptions via feedback.

3. Internal audit performance measure results are to be reported to the audit committee and senior management.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

Yes