Are you one of the 28% of NSW agencies that haven't evaluated your internal audit function?

Internal audit functions perform a key role providing assurance across organisational risk management, governance and internal control processes. It is therefore also essential to ensure that your organisation’s internal audit function is operating optimally.

This requires periodic external evaluation of this function. The NSW Audit Office agrees and in their recent audit report covering 25 agencies it was recommended that internal audit functions be externally evaluated every five years consistent with TPP20-08.

“Twenty-eight per cent of internal audit functions have not been subject to an external evaluation”– NSW Audit Office, Dec 2023

External evaluation of your internal audit function has a range of benefits beyond compliance:

• provides assurance that the governance arrangements are consistent with policy requirements and operating effectively
• ensures audit plans are in place and fit-for-purpose
• considers audit planning processes and identifies areas for improvement
• considers if audit delivery and management reflects better practice
• provides the opportunity to overcome any concerns related to the function’s efficiency and effectiveness.?

Is it time that you evaluated your internal audit function?

?