Definition according to the Institute of Internal Auditors (IIA)
"Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.
It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes."
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My personal opinion is internal auditing is being brought into the world of specialties . The question will become, is your company large enough to need a professional auditor?
Nor I do believe internal auditing should be a consulting activity. In addition, there is a lot of talk about auditing as a value added event. We can justify anything, I suppose.
When we review this definition, it is really aimed at an Audit Professional such as someone who works for a registrar. As such, it will justify its existence as fully as possible leading to phrases such as those espoused in the second paragraph.
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