There are no right or wrong answers regarding a company’s choice of functional focus for its internal audit department. Where stakeholders choose to position the function on the Internal Audit Continuum is a direct reflection of their risk appetite and corresponding assurance needs as expressed in the mission statement. The mission statement must be tailored to the organisation and the value drivers identified in Step 1 of the framework. Too often, organisations fail to address this key linkage, simply adopting preconceived mission statements from other entities or internal audit departments
