Factsheet - Internal Audit Shared Service

Factsheet

This is a members only resource.

Please login to access.

Author

IIA-Australia

Date

2022

Topics Explored

Internal Audit, Public Sector

Format

Factsheet

Extract/Description

One model for the delivery of internal audit is to establish it as a service shared with other organisations.  This approach is used mostly within public sector entities.

Key Points

1. A reason often cited for an internal audit shared service arrangement is economies of scale – cost advantages from improved efficiency through increased production and lower cost.

2. Organisations have different risk profiles, so simply performing the same internal audit services in each organisation is likely to lose a risk-based internal audit planning approach – and may not be auditing the right things in each organisation.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

No