In evaluating the effectiveness of internal audit, the Audit Committee needs to assess the effectiveness of internal audit against agreed performance criteria, including:
compliance by internal audit – be it in-house, outsourced, or co-sourced– with its agreed charter or plan/scope and level of performance.
the overall comprehensiveness of the internal audit plan and its relationship with the strategic objectives of the business. delivery of timely internal audit services in accordance with the plan; and competency of internal audit staff and adequacy of resources to achieve the scope as outlined in the plan. This may require outsourcing certain specialist skills not available in the internal audit function.
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