The fundamental role of internal auditors is to evaluate and help boards and executives improve the effectiveness of governance, risk management and control processes.
This statement captures the intent expressed in the guidelines of various professional organizations and regulations, such as the International Internal Audit Standards Board, the Institute of Internal Auditors, the American Institute of Certified Public Accountants, the Information Systems Audit and Control Association, the International Accounting Standards Board, the Sarbanes-Oxley Act of 2002 and Solvency II.
These organizations and regulations place strong emphasis on the overarching frameworks that guide, influence and control how organizations perform, recognizing that weaknesses in these frameworks foment hidden risks.
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