Refocussing the Internal Audit Agenda - Capitalising on Changing Expectations

Years ago, The Institute of Internal Auditors (IIA) formally defined internal auditing as "an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations." This definition focussed on a broad range of evaluation and improvement activities, namely, risk management, control and governance processes. Even now, some view The IIA's definition as ahead of its time, since many internal audit functions still lack the knowledge and skills required to expand the focus of the audit plan to address all of these activities fully.

Our view is that this definition continues to provide a pathway for refocussing the internal audit agenda in an environment of ever-changing expectations. This issue of The Bulletin explores some factors driving higher expectations for internal audit and outlines how chief audit executives (CAEs) with support from management and the audit committee can respond to the challenge ... READ MORE

Released by Protiviti August 2011