Read Richard Chambers' Latest Blog
5 Things Internal Audit Must Tell the Audit Committee Now!
In his blog, IIA President and CEO Richard Chambers, CIA, QIAL, CGAP, CCSA, CRMA, shares his personal reflections and insights on the internal audit profession. Here's an excerpt from his latest post:
As we continue to navigate the treacherous risk landscape that includes an ongoing global pandemic, much is being said and written about whether internal auditors are stepping up for their organizations. I am certain we are contributing value during this time, but I also know it may not always be evident — that's because many internal auditors are not comfortable extolling their contributions in audit committee meetings.
No relationship for a chief audit executive (CAE) has been transformed more in the 21st century than that with the audit committee. According to The IIA's Audit Executive Center, 90 percent of North American internal audit departments in publicly traded companies report functionally to the audit committee (and 80 percent overall). And in many companies, the audit committee holds a discussion session with the CAE at every meeting. Yet often these executive sessions are nothing more than a brief exchange of pleasantries with audit committee members tossing "hardball" questions like, "Do you have enough resources?"
The audit committee's success is tied to the effectiveness of the internal audit department. Accordingly, audit committee members must have complete confidence in the internal audit function and the CAE. That can be achieved only with a strong, continuous, and open dialogue between the CAE and audit committee.
Read the full InternalAuditor.org blog post from IIA President and CEO Richard Chambers.