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New US report weighs internal audit responsibilities

Mar 22, 2019
The Internal Audit Foundation has published a new research report, Striking an Optimal Balance Between Assurance and Consulting Services – Practical Insights from Internal Audit Leaders, based on the Foundation’s comprehensive Common Body of Knowledge study.

As part of the research, chief audit executives (CAEs) were asked to provide insight into how they balance assurance responsibilities with the types of consulting and advisory work that boards and management teams increasingly are requesting from their internal audit function.

Audit executives described an ironclad commitment to maintaining internal audit objectivity and prioritising internal audit’s assurance services over all other activities. However, the need for internal audit objectivity does not preclude them from successfully providing a wide range of internal audit advisory services, according to the report.

CAEs whose audit functions devoted 20% or more of their resources to advisory work said that it is not difficult to maintain objectivity as long as a handful of key practices are followed. Those practices are described in the report.

The report is one in a series stemming from the Internal Audit Foundation Common Body of Knowledge (CBOK) study.

Source: The Institute of Internal Auditors (North America) 12/03/2019