The 4 C's of internal audit refer to the essential qualities or attributes that internal auditors should possess. These are:
Competence: It refers to internal auditors' knowledge, skills, and capabilities. Internal auditors should have a solid understanding of audit principles, techniques, and methodologies. They should stay updated with emerging trends, regulations, and best practices to provide valuable insights and recommendations to management.
Confidentiality- It is a critical aspect of internal audit which aims the protection and safeguard sensitive information that auditors come across during their work. The aim is to maintain the confidentiality of this information and adhere to professional ethics and organizational policies to ensure the privacy and security of data.
Controls- Refers to the mechanisms, processes, and procedures implemented within an organization to manage risks, safeguard assets, ensure compliance, and achieve operational objectives. Internal auditors handle the design and durability of these controls to identify weaknesses, gaps, or deficiencies that could impact the organization's ability to achieve its objectives.
Communication-Internal auditors often must effectively communicate their findings, recommendations, and insights to management, stakeholders, and other relevant parties. Internal auditors engage in communication at various stages like planning, fieldwork, reporting, and for follow-ups.