Factsheet - What Internal Audit Needs to be Successful

Factsheet

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Author

IIA-Australia

Date

2025

Topics Explored

Internal Audit, Internal Audit Management

Format

Factsheet

Extract/Description

Organisations should set internal audit up for success, though many organisations don’t do this – some without knowing and others deliberately because they don’t really want to have an effective internal audit capability. To be truly effective and successful, internal audit needs to be properly established and supported.

Key Points

1. Internal audit is an important function that helps organisations maintain effective internal controls, manage risks and achieve their strategic objectives. 

2.The components for a successful internal audit function are outlined.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

Yes