The AM provides levels of ambition and concrete good practices intended as guidance for the CAE wanting more than just meeting professional standards. The AM helps CAEs formulate strategic objectives, evaluate the current IAF and define a roadmap to achieve the stated objectives. The AM can support the board and senior management determine which aspects to take into account when assessing the internal audit mandate and ambition level.
The AM provides a tool that an organization can use as:
• A communication vehicle — a basis for communicating what is meant by effective internal auditing, how it serves an organization and its stakeholders, and for advocating the importance of internal auditing to decision makers. Determine the internal audit requirements according to the nature, complexity, and associated risks of its operations.
• A framework for assessment — a self-assessment framework for assessing the capabilities of an IAF in alignment with professional internal audit standards and good practices.
• A roadmap for improvement — It helps to identify the potential gaps and development areas in your audit department. Create a roadmap for further improvement and professionalization of the IAF.