The internal audit function’s position within a company is unique. It provides its principal stakeholders (audit committee members and management) valuable and objective assurance on governance, risk management, and control processes, as well as consulting services to improve operations. With this critical responsibility to fulfill, implicit in executing those duties is internal audit’s continuous improvements to its own practices.

How do you do that? A high-quality internal audit function meets or exceeds stakeholder expectations, while ensuring that value is added to the organization. The most critical factor in achieving internal audit quality is the auditor’s competency and proficiency in evaluating ...