ABSTRACT
Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. Audit arrangements and the legislation underpinning them vary from sector to sector in the UK, and will vary from country to country. Just as accounts are prepared in line with the prevailing professional accounting standards in the jurisdiction, auditing is carried out in line with professional standards. The exact tests to be undertaken would be set out in the audit plan for the assignment provided to the audit team. International Standards on Auditing are issued by the International Auditing and Assurance Standards Board. The adage proper planning prevents poor performance is as applicable to auditing as any other activity. Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. Corporate governance is the system by which organizations are directed and controlled.
