Factsheet - Multistage Audits

Factsheet

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Author

IIA-Australia

Date

2023

Topics Explored

Internal Audit, Internal Audit Management

Format

Factsheet

Extract/Description

A multi-stage audit is used  by internal audit functions in some organisations to provide agile real-time project assurance reporting.  Rather than reviewing a project after it is completed and when it is too late to influence whether it will be successful.

Key Points

1. Each MSA stage review provides assurance and assists at critical points over the lifecycle of an implementation activity.

2. A successful MSA adds value to the organisation. 

3. Success and value of an MSA depends heavily on co-operation and collaboration between internal audit and project staff.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

No