20 questions directors should ask about internal audit

Our newly updated document provides insightful answers to 20 questions directors should ask internal audit practitioners to ensure organizations build value effectively in today’s complex risk environment.

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The complexity of business risk has increased substantially since we published our original 20 Questions Directors Should Ask About Internal Audit document. Factors driving this growth include:

  • growing cyber-based issues
  • increasing regulation
  • uncertain political and economic situations
  • increased focus on sustainable development and the environment
  • frequent natural disasters

As a result, expectations are much higher today for internal audit professionals to evolve, create and preserve sustainable value for stakeholders.

This updated document provides an essential checklist of questions and responses that reflect the changing landscape of evolving roles in governance, risk, compliance and future value. The document is intended to inform insightful discussion among directors, audit committee and board members, management, and internal audit professionals.

The questions and responses comply with The Institute of Internal Auditors (IIA)’s International Standards for the Professional Practice of Internal Auditing (IIA’s Standards), as well as leading internal audit practices.

You will learn about:

  • the mandate of the internal audit function
  • effective relationship building between internal audit professionals, stakeholders and board members
  • optimizing organizational design and resources
  • reporting risk and control issues
  • evaluating the internal audit function while ensuring compliance with international standards