Factsheet - Internal Audit Function Risks and Issues

Factsheet

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Author

IIA-Australia

Date

2025

Topics Explored

Internal Audit, Internal Audit Management 

Format

Factsheet

Extract/Description

The IIA-Australia Factsheet ‘Internal Audit Risk Assessment’ describes four internal audit risk assessment types. This Factsheet concentrates on risk assessment type 1 ‘Risk assessment to ascertain specific risks that may affect the internal audit function achieving its strategic objectives’.

Key Points

1. This risk assessment includes foundational internal audit components and considers such areas as:
- Strategy
- Governance
- People and resourcing
- Service delivery
- Technology enablement
- Reporting results.

2. The Factsheet outlines internal audit function risks and issues affecting its ability to achieve its strategic objectives.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

Yes