Terminology Index
Glossary
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Internal Audit Function
The organizational unit that performs internal audit, its people, structure, mandate, and processes, providing independent assurance over controls, risk, and governance to management and the board.
The internal audit function is the standing capability that delivers internal auditing: staffed by auditors, structured under a chief audit executive, mandated by a charter, and operating to professional standards with an independent reporting line to the audit committee. It plans risk-based audits, performs engagements, and reports assurance. Understanding it as a function clarifies how internal audit is organized and sustained, distinct from a single audit or the broader audit profession.
Introduced in: Audit and Assurance
Examples
- An internal audit team led by a chief audit executive.
- The function planning and running risk-based audits across the year.
- An independent unit reporting assurance to the audit committee.
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