IIA-Australia Factsheet - Who Audits the Auditor

IIA-Australia Factsheet - Who Audits the Auditor

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Author

IIA-Australia

Date

 2022

Topics Explored

Internal Audit

Format

Factsheet

Extract/Description

Internal audit examines many parts of the organisation, so it is only natural the quality of internal audit itself should be reviewed from time-to-time.

Key Points

    1. The quality of a product or service is the degree to which the product or service meets the customer’s expectations.
    2. Where internal audit is mandated in a jurisdiction or industry sector, conformance to the mandatory internal audit requirements should also be included.
    3. The external assessment process usually includes confidential discussions with audit committee members, chief executive officer and senior management.
    4. It is a way of demonstrating to the audit committee and senior management the value that Internal Audit is adding to the organisation.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate