The Institute of Internal Auditors promulgates standards by which the profession of internal auditing is guided. Segment One and Two of this series covered important aspects internal auditors should be aware of in relation to the Institute of Internal Auditors (IIA) Attribute Standards and the elements of the Performance Standards that related and to managing the internal audit function and the nature of work for internal audit. The final elements of the Performance Standards provide internal auditors with a relevant framework to properly execute engagements. It is critical internal auditors have an understanding of the various aspects of the audit and the framework outlined by the IIA. Although the Standards do provide specific templates on the elements that should be evaluated in each stage of the audit, they provide critical guidance on requirements internal auditors should consider during the various phases. Understanding and following this guidance will ensure audit engagements are executed consistently and effectively. This segment is designed to delve deeper into the Performance Standards as they relate to conducting internal audit projects. This includes: • Engagement Planning • Performing the Engagement • Communicating Results • Monitoring Progress • Communicating the Acceptance of risks