This issue of BoardroomDirect® includes an analysis of the audit committee's oversight of internal audit. There is also news about the SEC staff issuing proxy advisory firm guidance, ISS 2015 proxy voting policy survey, and more.
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.