What is internal auditing?
About Internal Audit
The internal audit profession, through The Institute of Internal Auditors (IIA), has continued to redefine itself as business risk and organizational complexity have evolved. So, what is internal auditing? Prior to June 1999, The IIA defined internal auditing as follows:
Internal auditing is an independent appraisal function established within an organization examine and evaluate its activities as a service to the organization. The objective of internal auditing is to assist members of the organization in the effective discharge of their responsibilities. To this end, internal auditing furnishes them with analysis, appraisals, recommendations, counsel and information concerning the activities reviewed. The audit objective includes promoting effective control at reasonable cost.
Today, The IIA uses the following definition: