White Paper - Resourcing Internal Audit

Whitepaper

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Author

Bruce Turner AM
CRMA, CGAP, CISA, CFE, PFIIA, FFin, FFA, FIPA, FIML, MAICD, JP

Date

2023

Topics Explored

Internal Audit, Internal Audit Management

Format

White Paper

Extract/Description

While there is no simple formula for determining an internal audit budget and the appropriate level of resourcing, a combination of techniques can be considered to arrive at a reasonable, objective and scientific basis.

Key Points

1. There are a number of models that can be used to resource internal audit services to an organisation.
2. The chief audit executive should develop a strategic roadmap aligned to audit committee’s vision for internal audit, articulating internal audit strategic priorities and guiding its evolution to further align with the organisation’s strategies, objectives, risks and assurance needs.
3. Resourcing levels and structures should be aligned to the roadmap.