IIA-Australia Factsheet - Internal Audit Performance Measures

IIA-Australia Factsheet - Internal Audit Performance Measures

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Author

IIA-Australia

Date

 2023

Topics Explored

Internal Audit

Format

Factsheet

Extract/Description

Good practice in internal auditing suggests that, like most organisation business units, internal audit should have performance measures in place to demonstrate its level of performance.
Internal audit should be held to account for its performance and to ensure it is delivering a value-adding and cost-effective internal audit service.

Key Points

  1. Use a relatively small number of performance measures to target what really counts.
  2. Use a balance of quantitative and qualitative performance measures to allow for hard data assessment and consideration of perceptions via feedback.
  3. Internal audit performance measure results should be reported to the audit committee and senior management.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate