IIA-Australia Factsheet - Internal Audit Standards

IIA-Australia Factsheet - Internal Audit Standards

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Author

IIA-Australia

Date

2023

Topics Explored

Internal Audit

Format

Factsheet

Extract/Description

The ‘International Professional Practices Framework’ issued by the IIA provides a globally accepted basis for the operation of internal audit.

Key Points

    1. The standards for internal auditing worldwide are the ‘International Standards for the Professional Practice of Internal Auditing’.  These are part of the IPPF and are mandated for IIA members and holders of IIA Certifications.
    2. The Australian Government Auditing and Assurance Standards Board (AUASB) is responsible for external audit standards only and does not issue standards relevant to internal auditing.
    3. ISO issues the standard ISO 19011:2018 ‘Guidelines for auditing management systems’ which is applicable for 2nd line assurance audits of management systems, but not for 3rd line internal auditing. 

Relevant Industries

All

Level of Assumed Knowledge

Beginner