1. It plays the role of a reference point for the auditors and also for the organization, which may indicate the intervals at which an audit should be conducted.
2. It facilitates transparent communication between the organization and the auditor, by providing all the material facts to both parties as per their requirements.
3. It serves as objective evidence in the case of an internal audit
4. It ensures a consistent approach is made regarding the internal audit by the organization.
5. It’s the evidence of the performance of an audit that can be used to convince other stakeholders and boost their confidence.
6. It provides complete assistance to the auditors
7. It helps to ensure if the auditors have performed their responsibilities without any delay and whether all the departments are audited or not.
8. It acts as a pre-audit plan for the audit, which may help the auditors and organization to estimate the time that may be required to conduct the audit and the requirement of resources for conducting such an internal audit.
9. It ensures uniformity among all the auditors appointed by the organization.
10.It helps to examine the quality and performance potential of an organization
