The audit committee’s role is not getting easier, but it has a lot of resources in its arsenal to help meet today’s high expectations. A high-performing in internal audit function can be a valuable resource.
About one-third of board members believe internal audit adds less than significant value to the company and only 64% believe internal audit is performing well at delivering expectations, according to PwC’s 2014 State of the internal audit profession study – Higher performance by design: A blueprint for change. Even chief audit executives (CAEs) are critical of their functions’ performance, with just two-thirds saying it’s performing well.
This Issue in focus discusses what the audit committee can do to help internal audit improve its performance and provide more value. For a more in-depth discussion, read the current edition of our Audit Committee Excellence Series. Achieving excellence: Overseeing internal audit.