ABSTRACT
Internal auditors focus on three key types of objectives: The audit objectives, business objectives, and control objectives. Audit Objectives are the objectives set for conducting an audit. The objectives could be set by changing laws, regulations, concerns, or specific requests. Organizations pursue a mission and vision, set strategies for the future, and establish business objectives to track their progress. Control objectives are the aim, reason, or purpose why controls should be implemented. They refer to risks that the controls are supposed to mitigate and form the basis for the evaluation of their existence and performance. Control objectives relate to the reliability of financial and operational reporting, timely feedback and reporting on the achievement of operational and strategic goals, and compliance with laws, regulations, and other requirements. Internal auditors should be clear when they start an engagement, during their internal communications with fellow auditors, and when working with audit clients to clearly define what objectives are being discussed.
