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Ten ways internal audit can add value - a response to the What Every Director Should Know 2015 Report

WEDSK BannerThis is the second edition of our flagship governance guide – “What every director should know” This new version of our guide reflects these changes. It has also been expanded to cover new topics of direct relevance to boards, and in particular audit committee chairs, such as the audit of culture, risk-based internal auditing, and evaluating the effectiveness of the function. As before, we are grateful to the IOD for endorsing this publication.

Download the full report (pdf)

Read the audit committee briefing

Ten ways to get more from your internal audit function

1 Take responsibility for the provision of internal audit, including whether to have it and how it is provided.

2 Assess and approve the internal audit charter (terms of reference) and review regularly.

3 Ensure a close working relationship with the Head of Internal Audit, promoting effective formal and informal communication.

4 Assess the resourcing of the internal audit function.

5 Monitor the quality of internal audit work, both in-house and external.

6 Evaluate, approve and regularly review the risk-based annual internal audit plan

7 Oversee the relationship between internal audit and centralised risk monitoring.

8 Ensure the collective assurance roles of internal audit, other internal assurance providers and external audit, are coordinated and optimised.

9 Assess internal audit findings and the breadth and depth of internal audit reports.

10 Monitor management implementation of internal audit recommendations.



Content reviewed: 1 February 2023

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