White Paper - Internal Audit Independence Arrangements

Whitepaper

This is a members only resource.

Author

Andrew Cox

MBA, MEC, GradDipSc, GradCertPA, DipBusAdmin, DipPubAdmin, AssDipAcctg, CertSQM, PFIIA, CIA, CISA, CFE, CGAP, CSQA, MACS Snr, MRMIA

Date

2025

Topics Explored

Internal Audit, Internal Audit Management, Audit Committee

Format

White Paper

Extract/Description

The independence of Internal Audit is of interest to regulators, external scrutineers, and governments. Internal Audit is a part of the organisation, but must be independent of management if it is to perform its role effectively. This paper describes the arrangements that promote independence in in internal audit.

Key Points

1. Internal Audit is one assurance mechanism in a suite of assurance activities.
2. The reporting arrangements of the chief audit executive are important.
3. Arrangements cover both administrative and functional reporting.
4. The role of the audit committee is important.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

Yes