Assurance and Consulting Activity

"Internal auditing is an independent, objective assurance and consulting activity"

The two activities carried out by an Internal Audit function are assurance and consulting. In conducting these two activities, the Internal Audit function is guided by the Standards. The standards are further designated as (A) for assurance and (C) for consulting. See example below:-

Standards

1000 - Purpose, Authority, and Responsibility
The purpose, authority, and responsibility of the internal audit activity should be formally defined in a charter, consistent with the Standards, and approved by the board.

1000.A1 - The nature of assurance services provided to the organization should be defined in the audit charter. If assurances are to be provided to parties outside the organization, the nature of these assurances should also be defined in the charter.

1000.C1 - The nature of consulting services should be defined in the audit charter