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Internal Audit Assessment Tool for Audit Committees
Internal audit provides independent and objective assurance and advice on the adequacy and effectiveness of governance and risk management. Boards of directors and their audit committees depend on internal audit to provide accurate, timely, and objective information and observations about the broad spectrum of areas that need to be examined within an organization. A regular evaluation of the internal audit activity can give boards and audit committees confidence that the internal auditors are performing their job effectively based on the recognised international standards, best practices, and the board and audit committee’s specific expectations.
This Internal Audit Assessment Tool produced by The Institute of Internal Auditors offers suggestions for issues to be addressed in an evaluation based on established best practices. This tool helps boards and audit committees to explore the quality of services the company received from internal audit and the sufficiency of resources at its disposal, level of communication and interaction with the internal audit team and the independence, objectivity, and skepticism of the team.
