Meeting expectations from the AC, Board and Management Committee

Overview

The Audit Committee (AC), the Board and also the Exec/Management Committee, play an essential role in the governance of an organisation. Internal Audit (IA) plays a pivotal role in providing them with reliable, objective, relevant and comprehensive information on the governance of risks and controls.

A mature IA function must however extend its role from merely reporting on its own audits performed to a more comprehensive information provider on the status of the overall governance in the organisation. This includes the maturity of risk management, financial and non-financial reporting and exposure, compliance programs and fraud deterrence. This requires IA to influence the committee agenda setting, to better collaborate with other control bodies both internally and externally (aim for single audit) and to establish annual reporting on risks and controls.

The course material is based on guidance documents from the IIA combined with professional experience from the instructor who is currently member of the AC in 5 organisations and has been a Chief Audit Executive in several organisations.

LEVEL: intermediate/expert

Target Audience

(Future) Chief Audit Executives responsible for small audit teams (1 to 5) who report on a regular basis to the AC (Board or Management Committee).

Course Objective

• Understand the implications of all the provisions in the charters and learn how to practically implement these in collaboration with the AC, Board and Management Committee in the organisation.
• Learn how to use IA’s unique expertise to ensure (board) directors obtain a comprehensive view on the status and maturity of organizational governance (agenda setting, status and annual reporting).
• Discuss contents of annual reporting on (the maturity of) corporate governance both internally (Audit’s annual report, a statement of internal controls) and externally (section of the organisation’s annual report).
• Examine mechanisms such as protocols, collaboration and communication procedures to meet the single audit objective without losing the oversight.

Course Content

• The essential components in IA and AC charters and how to apply these in the most efficient and effective manner.
• Relevant and useful dashboard and KPI reporting from IA on its own performance
• Agenda setting, reporting and follow-up an IA function should implement to ensure the AC, Board or Management Committee can take up its governance oversight role 
• Must include elements from (Fraud) Risk Management, Corporate Governance and Internal Control evaluations in IA’s annual report, the statement of internal control and the organisation’s annual report.
• Mechanisms and procedures to implement the single audit principle in practice between the various control actors.