Requirement Details
The 2024 Standards establish comprehensive requirements for internal audit performance measurement and reporting. Internal audit functions must develop a performance measurement methodology that goes beyond traditional metrics to include stakeholder value delivery, strategic objective achievement, risk coverage effectiveness, and innovation measures. The methodology must establish key performance indicators (KPIs) aligned with the internal audit strategy, benchmarks for comparison with leading practices, balanced scorecards covering financial and non-financial metrics, and stakeholder satisfaction measurements. Performance must be reported periodically to the board, including both quantitative metrics and qualitative assessments. The reporting must address conformance with professional standards, achievement of audit plan objectives, value delivered to the organization, and continuous improvement initiatives.