Note able Key Performance Indicators (KPIs) for internal audit are listed as below.
1. Audit Plan Adherence:
 Percentage of completed audits against the annual audit plan.
2. Audit Cycle Time:
 Average time taken to complete an audit cycle.
3. Audit Issue Closure Time:
 Average time taken to resolve and close identified audit issues.
4. Quality of Audit Reports:
 Percentage of audit reports meeting established quality standards.
5. Risk Assessment Accuracy:
 The accuracy of the internal audit team's risk assessments compared to actual
organizational risks.
6. Percentage of Recommendations Implemented:
 Percentage of audit recommendations that are successfully implemented by
management.
7. Audit Resource Utilization:
 Efficient use of internal audit resources, measured by hours spent per audit or per
business unit.
8. Customer Satisfaction:
 Feedback from auditees and management on the quality and value of the internal
audit process.
9. Follow-up Audit Effectiveness:
 Percentage of recommendations from previous audits that have been effectively
addressed during follow-up audits.
10. Training and Development:
 Number of hours of training for internal audit staff and their level of professional
development.
11. Audit Committee and Board Satisfaction:
 Feedback from the audit committee and the board regarding the internal audit
function's performance.
12. Number of High-Risk Areas Identified:
 Identification and reporting of high-risk areas within the organization.
13. Regulatory Compliance:
 Compliance with relevant laws, regulations, and industry standards.
14. Audit Cost per Unit:
 Total cost of the internal audit function divided by the number of units audited.
15. Percentage of Unplanned Audits:
The percentage of audits that were not part of the annual plan due to emerging
risks or events.
16. Audit Coverage:
 Percentage of the organization's operations covered by internal audits.
17. Effectiveness of Fraud Detection:
 Success in identifying and preventing fraudulent activities within the
organization.
18. Audit Methodology Adherence:
 Adherence to established audit methodologies and best practices.
