ABSTRACT
The chapter describes the internal audit profession, guidance and standards for internal audit, and skills and experience requirements with a focus on the public sector. Internal audit organizations are found in the private, public, and not-for-profit sectors, all operating under the same International Internal Audit Standards. All internal auditors are expected to follow these standards which cover a broad scope of practice including management controls over effectiveness of operations. The details of the standards set out what is expected of practitioners to meet expectations of proficiency and due care that describe how internal audit engagements are to be carried out. The chapter also compares internal audit with external audit, which includes performance audit and financial statement audits.
