What type of assurance should all internal audit activities aim to provide?

The aim of internal audit activities is to provide independent assurance. This type of assurance is crucial because it allows the internal audit function to evaluate and improve the effectiveness of risk management, control, and governance processes without any bias or influence from the areas being audited. Independent assurance ensures that the findings and recommendations presented by auditors are objective, credible, and reliable, giving stakeholders confidence in the internal controls and overall governance of the organization.

While performance assurance could focus on evaluating how well the organization meets its goals, it does not capture the essential aspect of independence that is fundamental to internal auditing. Similarly, direct regulatory assurance is more narrowly focused on compliance with regulations rather than providing a broad assessment of organizational effectiveness. Subjective based assurance relies on personal judgment and could introduce bias, which contradicts the foundational principles of independence and objectivity that internal audit seeks to uphold. Thus, independent assurance is the cornerstone of effective internal audit activities.