Internal Audit Management and Consultancy

The internal audit profession formally began when the Institute of Internal Audit Inc. (IIA Inc.) was formed in the early parts of the 20th Century. Since that time the profession has developed extensively keeping pace with the demands placed on it by Board and Audit Committees in an ever-changing and challenging world.

With the drive across the globe for integrated reporting to increase transparency, increased regulation such as the introduction of the Sarbanes Oxley Act in the US, and the general publics’ access to real time information, boards and their audit committees are ever more in need of independent and objective assurance and internal audit has a vital role to play in providing this.

The techniques and methods used by the internal audit profession have changed over the decades, from one which focused purely on financial risk and compliance style audits, which check procedures are being followed, to the current day where risk-based auditing is seen as best practice across the globe. The Institute of Internal Auditors Inc. now boasts a membership of over 180,000 across the globe and has recently developed its International Professional Practices Framework to include a mission statement ‘To enhance and protect organisational value by providing risk-based and objective assurance, advice and insight.