IIA-Australia Factsheet - Internal Audit Benefits

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Author	IIA-Australia
Date	2024
Topics Explored	Internal Audit
Format	Factsheet
Extract/Description	Internal audit is an important element in the governance and assurance environment, and a valuable tool to effectively manage risk.
Key Points	Internal audit’s value proposition is based on the three core elements of value delivered to an organisation (a) assurance (b) insight (c) objectivity. The value is realised when (a) internal audit’s suggested improvement actions are implemented (b) the outcomes support the needs and expectations of the audit committee and chief executive officer (c) the cost of internal audit services are reasonable.
Relevant Industries	All
Level of Assumed Knowledge	Beginner