Context for needing an Internal audit Strategy Guidance and Toolkit

Domain III of the Global Internal Audit Standards 2024, is dedicated to the Strategic and Operational Management of the internal audit function, and Principle 9 states that:

'The chief audit executive plans strategically to position the internal audit function to fulfil its mandate and achieve long-term success'

However, there is not just a Global Standards rationale for having an internal audit strategy, but also a sound business case, as without one, direction of the internal audit function would be missing and can lead to an internal audit function which does not align with the needs of its organisation. 

This Guidance and Tool Kit has been developed by LevelUp ESG Ltd, in partnership with the Chartered IIA.

It is a comprehensive guide and set of tools which is aimed to help practically with this endeavour. The expectation is not that all internal audit functions regardless of size and complexity, will use all of the guidance or tools, but will chose those that are most helpful and suitable for their particular circumstances. However, the tools have been developed with simplicity and ease of use in mind. 

Internal Audit Strategy Guidance and Tool Kit

Internal Audit Strategy Guidance - this document takes the reader through the steps to develop an internal audit strategy and maps the activities to the Principles and Standards within the Global Internal Audit Standards

Internal Audit StraInternal Audit Strategy Guidancetegy Tools - these are tools which have been specifically designed to help CAEs develop a new Internal Audit Strategy or benchmark their existing strategy and associated processes. Not all tools will necessarily need to be used by CAEs as this will depend on the size and complexity of the internal audit function. Those which are seen to be core are highlighted in the list below.

Tool 1 - Strategy on a page - core

Tool 2 - Internal Audit Stakeholder Expectations Analysis - core

Tool 3 - IA Vision Mission and Purpose Statements

Tool 4 - SWOT Analysis - core

Tool 5 - Critical Success Factor Mapping

Tool 6 - Internal Audit Maturity Analysis Framework - core

Tool 7 - Innovation Analytics and Tech Strategy on a page

Tool 8 - Strategic Road Map Virtual Framework

Tool 9 - Performance Measurement Example Framework - core

We would like to thank LevelUp ESG Ltd for dedicating time to developing this guidance and tool kit. 

Note: We have become aware of a formatting issue when downloading the tools using Chrome. We are looking to address this, but in the meantime we recommend that you use any browser except Chrome.

If you have any feedback on this guidance or tools then please do contact us on webtechnical@iia.org.uk