This report spans various industries in several global regions. It also reports on the influences of internal audit departments’ age and size, organization size, and degree of conformance with The IIA’s International Standards for the Professional Practice of Internal Auditing (Standards), among others.
This report draws on survey responses from internal auditors in 166 countries to take stock of the current role of internal audit in the governance process and learn how internal audit can better position itself to contribute to effective organizational governance.
Internal audit has a unique and critical role to fill in organizational governance. In fulfilling this role, internal auditors work with a wide variety of stakeholders in their organizations. The focus of this report is on board members and members of the executive team of organizations that have internal audit functions. While there are other types of stakeholders, these are the ones that most directly affect the work of internal audit.
This report offers insights as to the expectations audit committees have of internal audit. For audit committees, the insights provide a catalyst for taking stock of committee members’ interactions with and use of the internal audit function. For any progressive chief audit executive (CAE), these expectations offer opportunities to take the initiative to advance relationships with this vitally important stakeholder group by improving internal audit’s value proposition. Thus, the insights offer a pathway to continuous improvements that benefit all.
While it would not be practical for someone to know everything about a topic as complex and fast-changing as cybersecurity, it has become essential for a chief audit executive (CAE) or head of internal audit to be cybersecurity-savvy. This paper explores how a team effort, support from the top, enhanced cybersecurity knowledge and awareness, and a focus on cyber resiliency can help the CAE position internal audit to be an organization’s trusted cyber adviser.
The 2015 Global Pulse of Internal Audit report analyzes data from more than 4,500 CAEs and directors from around the world to provide a look at the challenges and opportunities present for internal audit in today’s dynamic business environment and identifies four major themes CAEs must have on their radar.
Nonfinancial reporting is the reporting of quantitative and qualitative information that falls outside the scope of mainstream financial statements. More than a passing trend, nonfinancial reporting is required in some jurisdictions; global frameworks and standardized approaches to nonfinancial reporting are gaining recognition; and spending on related assurance is projected to grow. Global Perspectives and Insights Issue 2 discusses internal audit’s role in nonfinancial reporting.
The long list of recent corporate scandals reinforces the need for executives to keep an eye on organizational culture. At its finest, culture helps an organization retain great employees and motivates them to do their best and most productive work. Read this month’s Tone at the Top and learn what the board and audit committee can do to inspire a healthy organizational culture, and how the internal audit department can play a role.
It can be a daunting task for internal auditors to grapple with how geopolitics impacts organizations. After all, geopolitics includes broad and complex interrelated topics such as climate change, the outbreak of disease, political instability, economics, war, and conflict, all of which can present risks to the organization with little or no notice. This paper briefly describes the impact of economics, war, and conflict on one particular topic that has pervaded global business news headlines — the price of oil. The authors consider the impact of the price of oil on multiple industries. Finally, they explore the key considerations for internal audit in addressing geopolitical risks to the organization.
Reminiscent of major business scandals at the turn of the century, culture is front and center again with calls for organizations to fix weak cultures that contribute to corporate misconduct. This area is not new to the internal audit profession. We have audited soft controls and tone at the top, but it is time to step up to the plate and take responsibility for auditing culture. It must be understood that internal audit must continuously monitor organizational culture at all levels, it is not a standard engagement. Global Perspectives and Insights Issue 3 will discuss how the profession can move forward on auditing culture.
What should you expect from your internal audit department? This flyer explains the characteristics of a world-class internal audit department.
This brochure focuses on a single aspect of audit committee performance - its oversight of quality-oriented internal audit activities.
This brochure addresses the varied roles of internal auditors.