The role of internal audit departments is to provide an independent, objective assurance and consulting activity to add value and improve an organisation's operations. Internal Audit helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
Internal Audit has an enterprise-wide remit and mandate, which means assessing the adequacy and effectiveness of all areas of an organisation including the risk management, compliance and finance functions. Internal Audit is the last line of defence in an organisation and, as such, must remain impartial and independent in how it works alongside all areas of the organisation.
IAPracs will be competent in undertaking all aspects of internal audit engagements. They are typically part of an audit team operating under the management of the Internal Audit Professional (IAProf) or Head of Internal Audit.