Internal audit becoming standardized globally.

Following what The Institute of Internal Auditors is calling "the most comprehensive global study ever conducted on the internal audit profession," the group concluded that internal auditing is becoming more standardized throughout the world. While internal audit is at various stages of maturity in diverse cultures, it is predicted to expand its role in organizational governance and risk management. The study was commissioned by The Internal Audit Research Foundation (IARF).

Among the results:

* a majority (82 percent) of internal auditors are following (at least partly, if not entirely) the International Standards for the Professional Practice of Internal Auditing (Standards);

* internal auditors will work more in the areas of risk management and governance (80 percent and 63 percent, respectively); and

* internal audit activities are perceived as effective and adding value to their organizations (mean of responses above 4, on a 1-through-5 scale).

The survey was conducted by 15 researchers from around the world, in 17 languages, with the participation of more than 9,300 internal auditors in 91 countries.

Preliminary results also indicated that the majority of internal audit functions now in existence were established within the past five years; there is a prevalence of laws and regulations that currently affect the profession, and more are expected to be established in the future; internal audit engagements commonly are based on an organization's greatest risks; and risk analysis and business skills, confidentiality, objectivity and ethics are attributes critical to internal auditors.

The results of the study will populate the profession's "Common Body of Knowledge," which will be updated regularly, as it responds to the profession's growth. The survey is expected to be repeated every three years in order to provide the IIA up-to-date and relevant guidance for the profession.