Internal Audit: An Australian Profile

Abstract

Describes a recent study of internal audit in Australia which was drawn from surveys of the chief executives and internal audit managers of a wide range of organizations in the private and public sectors. The response from chief executives was a very positive one and there was strong support for a number of concepts including a positive perception of the profile of internal audit, the usefulness of internal audit as a training ground for managers, and the need for internal audit as a means of improving the operational efficiency of organizations. However, despite the high status of internal audit acknowledged by chief executives, there is an apparent misunderstanding of the internal audit process. This has led to confusion between perceived status and reality. There appears to be inconsistency among chief executives and internal audit managers about the areas covered by internal audit. The question of the role and scope of internal audit within individual organizations requires clarification by consultation between management and internal audit departments. The wide range of skills necessary to fulfil management′s expectations of the internal audit function and the disparity between individual internal audit managers on a number of issues, leads us to the question of whether an internal audit profession does in fact exist. While it is apparent from the survey that there are a number of fundamental issues confronting internal audit in Australia, the underlying support for internal audit is nevertheless encouraging.

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