Internal audit competency is one of the four-element of the internal audit code of ethics. This code required internal audit have the necessary skill, knowledge, and experiences to conduct the internal audit services.
The code also required the internal auditors to perform internal audit service or internal audit activities in accordance with the International Standard for the Professional Practice of Internal Auditing.
This standard could help the internal auditors to maintain the quality of internal audit and making the internal audit services could really add value to the entity.
Internal audit competencies also required internal audit to contusing obtain, maintain, and develop the necessary skill that could help internal audit have enough knowledge, skill, and qualification to perform audit works.
For example, if you are the internal auditor of an entity, you need to make sure that you have enough knowledge about the nature of the business of those entities.
This could be obtained by joining the internal training. Internal auditors also need to have enough knowledge in accounting skills as well as necessary accounting standard.