IIA-Australia Factsheet - Internal Audit Strategy

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Author	IIA-Australia
Date	2024
Topics Explored	Internal Audit
Format	Factsheet
Extract/Description	An internal audit strategy can be defined as: “The strategy adopted to set internal audit up as a key agent of change delivering the right internal audit services aligning with contemporary internal audit practice and meeting stakeholder expectations”.
Key Points	An internal audit strategy is linked to internal audit foundational elements, rather than being a plan showing what will be audited. An internal audit strategy articulates internal audit strategic priorities and guides internal audit evolution to further support the organisation. The internal audit strategy should be endorsed by the chief executive officer and approved by the audit committee.
Relevant Industries	All
Level of Assumed Knowledge	Intermediate