Author

IIA-Australia

Date

Topics Explored

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Extract/Description

This Factsheet specifically relates to internal audit benchmarking which can be defined as ‘a reference point to which an internal audit function can compare itself, for example how much to spend on internal audit based on industry data’.

Key Points

1. Benchmarking should only be considered as a guide and one factor to be considered when assessing an organisation’s overall assurance coverage.
2. Internal audit benchmarking is an imprecise science, but it may provide information to assist audit committees and chief audit executives to get a feel for where their internal audit function sits in relation to the internal audit community and their peers.

Relevant Industries

Level of Assumed Knowledge