Ongoing monitoring is a continuous process of evaluating the performance and quality of the internal audit activity2. It includes regular management and supervisory activities, such as reviewing audit reports, tracking audit recommendations, and measuring key performance indicators3. One of the ways to monitor the performance of the internal audit activity is to acquire feedback from audit clients and other stakeholders, such as the board, senior management, regulators, and external auditors4. Feedback can help to assess the value, effectiveness, and satisfaction of the internal audit services5.
References:
1: Checklist for Addressing Ongoing Monitoring and Auditing
2: Internal Controls | Controller's Office
3: Performance Standards - The Institute of Internal Auditors or The IIA
4: Chapter 7 Audit Flashcards | Quizlet
5: Applying the International Professional Practices Framework, 4th edition, by Urton Anderson and Andrew J. Dahle (2018), p. 113
An Internal auditor noted that many amended purchase orders were automatically created for discrepancies between the value of the original purchase order and the final invoice.