What are the key principles and standards that govern the practice of internal auditing?

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Answered by suresh

Key Principles and Standards of Internal Auditing

Internal auditing is governed by a set of key principles and standards that guide the practice and ensure effectiveness. Some of the key principles and standards include:

  • Integrity: Internal auditors must be honest, unbiased, and ethical in their conduct.
  • Objectivity: Auditors should remain impartial and free from conflict of interest.
  • Confidentiality: Information obtained during audits should be treated with confidentiality.
  • Competence: Auditors should possess the necessary knowledge, skills, and abilities to perform their duties effectively.
  • Independence: Internal auditors should maintain independence and not be influenced by the activities they audit.
  • Compliance: Auditors should follow applicable laws, regulations, and standards in their work.

Adhering to these key principles and standards ensures that internal auditing functions effectively and provides value to organizations.

Answer for Question: What are the key principles and standards that govern the practice of internal auditing?