Author

IIA-Australia

Date

Topics Explored

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Extract/Description

Internal audit reporting is the mechanism by which the chief audit executive provides assurance to senior management and the audit committee that internal audit obligations are being fulfilled and the organisation is receiving appropriate internal audit services that result in improvements to risk management, control and governance processes.

Key Points

1. The chief audit executive has responsibility to ensure the internal audit budget and deployment of resources is designed to help achieve the organisation’s strategic objectives – the results are contained in internal audit reports.
2. Given the chief audit executive is the primary Line 3 assurance resource, and often the only independent assurance activity, there should be robust internal audit reporting:

• Internal audit engagement
• Internal audit quarterly reports.
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Relevant Industries

Level of Assumed Knowledge