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Adoption of the IIA's policies allows for more effective self-regulation by all sectors and reduces the need for reactive or overly prescriptive legislation in the future. In turn, it also provides for stronger performance and effective risk management in all organisations and sectors. The IIA has five policy principles which are applicable to all organisations, irrespective of sector: 1) Internal audit is fundamental to good organisational governance; 2) Public entities should have a stronger and effective audit committee; 3) Reporting lines for the head of internal audit should be appropriate; 4) Organisations need clear accountability for risk management and internal control; 5) Internal audit should operate at a consistently high standard.
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