In Australia Internal auditors are not required to be members of any professional body such as the ICAA or CPA Australia. However, surveys have shown that the vast majority of internal auditors are members of one or both bodies. This is despite the existence of the Institute of Internal Auditors. The current trend is for organisations to outsource the internal audit function to another external provider.

Required:

a)Do you think internal auditors should be a member of a peak professional accounting body? If so, which body do you think is most appropriate and why?

b)What is your opinion on the external auditor or another assurance provider performing the internal audit function? Discuss the pros and cons.