Question

The IIA defines internal auditing as an objective assurance and consulting activity.

A) Compare and contrast assurance and consulting services.

B) Explain why some internal audit functions limit the amount of resources they devote to consulting services

C) Identify the attributes an internal auditor must have to provide effective consulting services.

D) Identify two specific types of consulting services an internal audit function might provide and describe how each can “add value” to the organization

Answer 1

D) Identify two specific types of consulting services an internal audit function might provide and describe how each can “add value” to the organization.

According to the Definition of Internal Auditing in the IIA’s International Professional Practice Framework (IPPF), 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 process.