What is a primary purpose of the IIA Standards?

The primary purpose of the IIA Standards is to establish a basis for the evaluation of internal audit (IA) performance. These standards provide a framework for the quality and effectiveness of internal audits, ensuring they meet stakeholder expectations and contribute to the organization's objectives. By providing a set of guidelines and criteria, the standards enable internal auditors to assess the effectiveness of their activities, improve their practices continually, and enhance the value they bring to the organization.

This focus on performance evaluation is essential for maintaining the integrity and professionalism of the internal audit function. It allows for consistent measurement against established benchmarks and helps identify areas for improvement. This ultimately leads to better risk management, governance, and operational performance within organizations.

Other options, while they touch on relevant aspects of internal auditing, do not capture the overarching purpose of the IIA Standards as effectively as performance evaluation does. For instance, making audits mandatory every year, eliminating financial risks, or dictating qualifications does not provide the framework needed for systematic assessment and improvement of the internal audit function in relation to its objectives.