INFO 221
Internal audit
This is Information Sheet 221 (INFO 221). It provides guidance to assist organisations that are considering whether to have an internal audit function, and to ensure the quality of this function.
In plain English
INFO 221 guides organisations on establishing and maintaining a quality internal audit function.
ASIC’s INFO 221 provides guidance for organisations considering or operating an internal audit function. It helps ensure the quality of this function. It does not apply to specific entities, but is for general guidance. There is no commencement or revision date specified in the source.
Why it matters
Internal audits can help businesses identify and manage risks. This guidance assists in setting up and running an effective internal audit function, improving governance and risk management.
AI-assisted summary, grounded in the source link below. Generated 2026-05-23 via gemma3:12b.
Issuing regulator
ASIC →Topics
Source: https://www.asic.gov.au/regulatory-resources/financial-reporting-and-audit/auditors/internal-audit/. Rules Mate indexes + summarises; always verify against the regulator's live publication.