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The internal auditor must follow the auditing standards set forth by the IIA - Institute of Internal Auditors. These guidelines and standards can be found online and they also must ascertain compliance with GAAP - Generally Accepted Accounting Principles, for management transactions.
Due to recent regulations, internal auditing standards need to follow guidelines set out in the Public Company Accounting Oversight Board rules. The PCAOB is primarily concerned with Sarbanes-Oxley Act compliance.