Mastering Risk Management

EFFECTIVE INTERNAL AUDIT

Given its key role in relation to internal audit, what are the qualities an audit committee chair might look for in a new head of internal audit? Given internal audit’s position in the no man’s land between the business and the non-executive directors, it’s a role which requires both diplomacy and courage. It also finds itself in between many stakeholders: the external auditors, suppliers, customers, regulators, local and national governments and importantly internal stakeholders, whether they are committees, from the board down, to all layers of management and the staff. To be effective, it must co-operate with other functions to make sure there are no overlaps or underlaps in risk assessments throughout the organisation. ...