The Various Faces of Internal Audit

This chapter discusses the history of internal auditing and the development of the profession. It explores the different types of internal audit functions and the variations that exist between countries and organizations. Central to the professionalization of internal auditing was the establishment of the Institute of Internal Auditors (IIA) in 1941. In 1977, the IIA developed the International Standards for the Professional Practice of Internal Auditing. These are the only internationally recognized standards. Applying the Standards allows internal auditors to demonstrate their professionalism and provide assurance to management and the audit committee that they are operating in an ethical, transparent and impartial manner.