Raising the game: the AC-internal audit relationship

CLEARLY, audit committees (ACs) are shouldering heavier responsibilities than ever before, all while juggling the disparate expectations of shareholders, regulators and other stakeholders.

In this context, ACs need to maximise the value they get from existing and limited resources. The internal audit function is one such resource and here, especially, stakeholders' expectations of efficiency and effective delivery are high.

Indeed, many internal audit functions, properly implemented, provide value across a spectrum of delivery approaches which include being an assurance provider, problem solver, insight generator and, ultimately, a trusted adviser.