Internal Audit
What is Internal Audit?
An independent, objective assurance activity within an organisation that evaluates the effectiveness of risk management, controls, and governance processes.
Related terms
Frameworks that govern internal audit
What the standards actually require on internal audit
Requirements naming internal audit across 6 standards, quoted from the control text.
Evaluate adequacy and effectiveness of the internal control system and other governance elements. Must be objective and independent from operational functions. Reports directly to the board (Article 47).
SII-P2-07 · Internal Audit Function →Operate Internal Audit per 12 CFR Part 30 Appendix D Section II.C.3. Internal Audit must (a) be a function independent of the front line units and Independent Risk Management with authority and independence to provide assurance to the Board on the design and o...
OCCHS-5 · Internal Audit: Independence, Scope, Methodology, and Reporting →Internal audit must review any proposed material arrangement that would outsource a critical operation, and must report regularly to the Board or Board Audit Committee on whether such arrangements comply with the entity service provider management policy.
CPS230-49 · Internal Audit Review of Proposed Critical Operation Outsourcing →Requirement defined in ISO/IEC 42001:2023, clause 9.2 (Internal audit). See licensed source for normative text. Implementation focus is to demonstrate conformity with the obligations of this clause through the artefacts listed in evidence_requirements.
iso-iec-42001-2023::9.2 · Internal audit →Internal audit activities must include review of the design and operating effectiveness of information security controls, including those maintained by related parties and third parties.
CPS234-25 · Internal Audit Review of Information Security Controls →Organisation shall conduct internal audits at planned intervals to confirm the OR management system is effectively maintained.
4.5.5 · Internal Audit →Questions people ask about internal audit
What is Internal Audit?
Why is Internal Audit important for compliance?
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