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Internal audit

Standards of internal audit work

4.1 Attribute standards

 Independence Internal auditors should be Independent of executive
management. Head of internal audit report to senior
directors. Free from interference.

 Objectivity Internal auditors should be objective and avoid any
conflicts of interest.

 Professional care Internal auditors should exercise due professional care and
should have be competence to perform their tasks.

4.2 Performance standards

 Managing Establish risk-based plans to decide the priorities. Plans
internal audit should be reviewed at least annually and submitted for
board approval

 Risk Identify and evaluate significant risk exposures and
management contribute to the improvement of risk management and
control systems.

 Control Help maintain control system by evaluating the
effectiveness and efficiency of controls, and by promoting
continuous improvement

 Governance Assess the corporate governance process and make
recommendations

 Internal audit Identify, analyse, evaluate and record sufficient information
work to achieve the objectives of the engagement. Conclusions
should be based on suitable analysis and evaluation.

 Communicating Communicate the results of their engagement, including
results conclusions, recommendations and action plans.

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