This a release of a new standard by the Institute of Internal Auditor (IIA) last January 9, 2024 and will become effective on January 9, 2025 next year. The article below articulates some of the basic objectives and functions of the internal audit in a given organization mainly for the purpose to provide assurance to the Company Board in particular and other stakeholder generally on the company's effective governance, sound management of risk and robust controls on the financial process and other operational functions according to a given standard or rule. For more information on the standard reader can browse this link.
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