The Americas literature review on internal auditing

Purpose - By conducting the 2006 global Common Body of Knowledge (CBOK) study, The Institute of Internal Auditors (The IIA) attempts to better understand the expanding scope of internal auditing practice throughout the world. The purpose of this review of recent internal auditing literature inThe Americasis to document how the internal audit function is changing in response to the shifts in global business practices. Design/methodology/approach - The literature inThe Americasis reviewed with a focus on developments that have implications for the expanded scope of internal auditing and the changing skill sets of internal auditors. This focus has implications for CBOK 2006. Findings - The literature indicates a paradigm shift in the activities performed by internal auditors. The increasing complexity of business transactions, a more dynamic regulatory environment in the USA, and significant advances in information technology have resulted in opportunities and challenges for internal auditors. Although in 2004, The IIA responded to the changing organizational environment by updating the professional practices framework, more work needs to be done to prepare internal auditors for the expanded set of skills and knowledge required to perform audits of the future. Originality/value - By presenting an overview of past literature inThe Americasand discussing the shifting demands on internal audit services, the researchers hope to motivate further research in the field.