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As audit committees face expanding risks and rising stakeholder expectations, there is an opportunity for boards to reassess how they leverage internal audit to better understand and manage the company’s risk profile. Strengthening this relationship requires clear communication, strategic focus, and active engagement with IA leadership. The IIA’s updated Global Internal Audit Standards raise the bar for effective oversight and call for greater alignment in areas like team structure, performance, and coordination.
Empowering the chief audit executive and the internal audit team
How can audit committees empower the internal audit function? By providing visible support, starting with the chief audit executive (CAE) as the group’s leader. Here are some leading practices:
- Hold additional information-sharing/executive sessions outside of the normal audit committee meetings to ask candid questions and/or inquire about sensitive topics.
- Meet with the IA function and provide an overview of company strategy and audit committee priorities for IA staff to clarify leadership’s vision.
- Ensure that reporting lines for IA, the audit committee and senior management promote objectivity and the function’s success.
- Hold management accountable for implementing IA recommendations according to the agreed upon timetable.
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