“Value” is often used somewhat loosely in internal audit without adequately understanding how auditors actually add value. Do you add value just by showing up to conduct an internal audit? Not really.
The phrase “adding value” on its own is a vague and ill-defined concept. It can have different meanings for different people based on what is important to them. Some organizations might define value as how much revenue they generate, how customers are served, how employees are treated, or how they serve the community or society in general. There is also a different definition of value in most organizations depending on whether they are private or public sector.