A best practice in measurement of the internal audit function involves a balanced scorecard approach.[6] Internal audit functions are primarily evaluated based on the quality of counsel and information provided to the Audit Committee and top management.
When measuring internal audits, ôCustomer surveysö are sent to key managers after each audit project or report can be used to measure performance, with an annual survey to the Audit Committee. Scoring on dimensions such as professionalism, quality of counsel, timeliness of work product, utility of meetings, and quality of status updates are typical with such surveys.