Less than 25 percent of corporations are giving their internal audit functions the rigorous external reviews recommended by the Institute for Internal Auditors as a standard of strong corporate governance in the post-Sarbanes-Oxley world, according to a new study.
Conducted by PricewaterhouseCoopers, the survey, titled “2005 State of the Internal Audit Profession,” found that only 24 percent of respondents had undertaken quality assurance reviews of their internal audit departments in the last five years. The IIA now requires such reviews as one of its best practices.
