This tool outlines key performance metrics that are used for assessing audit functions, the outcome measures associated with each metric, and the activity measures that drive each outcome metric.
An effective business process is built on a set of well-defined and clearly stated business objectives. Key objectives articulate the ideal performance results that the company expects from that process. To monitor a business process so that it stays focused on reaching the key objectives, the company chooses appropriate performance measures. Careful selection of the performance measures takes a company a long way toward improving a business process.
This document outlines metrics for the following objectives: build the internal audit department as an internal knowledge resource; create a highly flexible department; minimize exposure to unexpected risk; minimize third-party risk; and minimize financial loss due to inside fraud.