Internal Audit Standards

There are two types of Internal Audit (IA) standards i.e. Attribute Standards and Performance Standards.

Attribute standard is the 1 series i.e. 1xxx standards. Attribute describes the characteristics or what are the criteria of an IA function. E.g. Attribute Standard 1100 states that “The internal audit activity should be independent, and internal auditors should be objective in performing their work.”

Performance standard is the 2 series i.e. 2 xxx standards. Performance describes how to perform the audit work. E.g how IA should be managed and etc.