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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.
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