One of the functions of the Internal Audit is to review the Management's expectations and achievements. Elucidate.

The first step in conducting assessment of the Internal Audit function involve reviewing the management's expectations and achievements. This may also include remediation measures for better results, if necessary, and should be reported to the Board/Audit Committee. Performance measure ensure high standards for audit strategy execution and reporting. It also helps organizations align their audit strategy with their overall business strategy, thereby linking the audit's performance to the organizations mission and objective. This ensures that concern stakeholder audit needs are fulfilled. Key benchmark of performance assessments is mentioned below: Effectiveness of Audit in covering key areas; Feedback of audit findings during audit; Duration and timeliness of the audit; Accuracy of audit findings; Value of the audit recommendation; Value added by the internal audit function.