standards on internal audit

Question

Accepted Answer

Internal audit standards guide auditors in ensuring compliance, effectiveness, and efficiency in organizational processes.

International Standards for the Professional Practice of Internal Auditing (IPPF) provide a framework for internal audit activities.
Standards emphasize independence and objectivity, ensuring auditors can perform their duties without bias.
Risk-based auditing is a key principle, focusing on areas with the highest risk to the organization.
Continuous professional development is mandated to keep auditors updated on best practices and regulatory changes.
Examples include the use of the COSO framework for internal controls and the ISO 9001 standard for quality management.

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