Author

IIA-Australia

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Topics Explored

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Extract/Description

In the context of this Factsheet, internal audit projects are defined as ‘projects designed to lift internal audit capability and effectiveness’ – not projects to perform internal audit engagements or services.

Key Points

1. Learning new techniques requires time and this is something not available when performing an internal audit service – internal audit pilot projects can help.
2. This can provide immediate benefits in terms of accuracy, timeliness and freed-up time.
3. It can also provide benefits beyond your internal audit function including:

• Enhanced skills that make you more marketable as a professional.
• Increased knowledge about business practices enabling you to provide better advice to audit clients. Increased relevance to the organisation because you are adding increased value.
• Improved internal audit reputation as you are seen to be ‘walking the walk’ rather than ‘talking the talk’.
• Increased ability to solve problems.
• Greater IPPF compliance.

Relevant Industries

Level of Assumed Knowledge