Factsheet - Internal Audit Strategy

Factsheet

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Author

IIA-Australia

Date

2024

Topics Explored

Internal Audit, Internal Audit Management

Format

Factsheet

Extract/Description

An internal audit strategy can be defined as: “The strategy adopted to set internal audit up as a key agent of change delivering the right internal audit services aligning with contemporary internal audit practice and meeting stakeholder expectations”.

Key Points

1. An internal audit strategy is linked to internal audit foundational elements, rather than being a plan showing what will be audited.

2. An internal audit strategy articulates internal audit strategic priorities and guides internal audit evolution to further support the organisation.

3. The internal audit strategy should be endorsed by the chief executive officer and approved by the audit committee.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

Yes