This paper reviews the recent European and international literature on internal audit independence and objectivity. We focus on studies involving internal auditors that have been undertaken since the Institute of Internal Auditors' revised definition of internal audit in 1999. The topics we examine are the internal auditor's dual role as a provider of both assurance and consulting activities, the organizational status of internal audit, internal audit's involvement in risk management, outsourcing and cosourcing of internal audit activities and the use of internal audit as a training ground for managers. Following our review of each of these topics, we discuss opportunities for further research.