Author

IIA-Australia

Date

Topics Explored

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Extract/Description

Innovation can be defined as ‘Practical implementation of new ideas that result in new ways of doing things and new or improved services. The focus is on newness, improvement and spread of ideas or technologies’.

Key Points

There are two levels at which internal audit can be involved with innovation:

1. Business Focus – Internal audit services extend from compliance and even operational audit focus to move into innovation through service outcomes.
2. Internal Audit Focus – Internal audit processes redesigned with innovation in mind provide more agile and solution-focused services.

Relevant Industries

Level of Assumed Knowledge