Making the Most of Internal Audit’s Unique Perspective
Internal audit’s deep, first-hand knowledge of the organization often extends well beyond simple compliance concerns to providing directors with a unique perspective on the effectiveness and efficiency of governance, risk management, and internal control processes. But what happens when internal audit’s insights are neglected, overridden, or ignored? The June issue of Tone at the Top, “Recognizing the Value of Independent Assurance,” examines several shocking, real-world examples of risk management failures and vulnerabilities, and poses several questions directors should be asking as organizations face growing complexities and associated risks.
With regulators, investors, and the general public demanding more oversight and more accountability, directors should seek out and embrace guidelines they can follow to ensure that the board, management, and internal audit are collaborating effectively. This issue outlines how boards can work proactively with their chief audit executive to avoid four common pitfalls, as well as how directors can help organizations get the most value from internal audit by adhering to The IIA’s Three Lines Model.
Download the latest issue, share it with your organization’s board, audit committee, and senior management, and review the relationship between the scope of internal audit activities and the value of internal auditing in the “Evolution of Internal Audit Activities” section.
Recognizing the Value of Independent Assurance
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