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Chapter 1 Internal Auditing History Evolution and Prospects

_____ Chapter 1: Internal Auditing : History , Evolution , and Prospects 1. Chapter 1. Internal Auditing : History , Evolution , AND Prospects . Sridhar Ramamoorti The Institute of Internal Auditors Research Foundation Disclosure Copyright 2003 by The Institute of Internal Auditors, 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form by any means electronic, mechanical, photocopying, recording, or otherwise without prior written permission of the publisher.

organization was needed in the structure of American business to develop the true professional status of internal auditing…Although its roots are in accountancy, its key purpose lies in the area of management control. It comprises a complete intracompany financial and operational review.” (Robert B. Milne, 1945)

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