What is internal auditing?
An independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations.
What are the four principles in the IIA Code of Ethics?
Integrity, Objectivity, Confidentiality, and Competence.
What is the purpose of the Internal Audit Charter (IPPF 1000)?
It defines the purpose, authority, and responsibility of the internal audit activity.
How is independence maintained (IPPF 1100)?
The Chief Audit Executive reports functionally to the Audit Committee and administratively to the CEO, remaining separate from management influence.
What are the key responsibilities of the Chief Audit Executive (CAE)?
Develop a risk-based plan, ensure audit quality, report findings to the Audit Committee, and monitor recommendation follow-up.
How does internal audit differ from external audit?
Internal is ongoing and advisory, focuses on all risks; external provides an independent opinion on financial statements.
What value does internal auditing provide?
Enhances transparency, ensures compliance, improves efficiency, and supports good governance.
