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What are KPIs in Audit?
Within internal audit, there are two main types of KPIs: execution and value. Most of the KPIs tracked by internal audit measure execution and completion rates.
Common key performance indicators include:
- Percentage of the audit plan completed.
- Count of issues found and recommendations made.
- Percentage of recommendations implemented on time.
- Hours spent per audit.
- Certifications held by audit team members.
On the other hand, value-based KPIs measure the effectiveness of the audit on the business.
Common key performance indicators include:
- Customer satisfaction.
- Increased productivity and efficiency.
- Decreased expenses.
- Leaner operations.
Ultimately, the KPIs you choose to implement must be the ones that work for your organization.