Misconceptions about internal audit’s role and capabilities prevent boards from appreciating the full value of the profession.
Boards still largely think of internal audit as a control function rather than a resource they can call upon for help on a wide range of strategic and risk-related issues, say senior internal auditors. Several leading figures from the profession attended the National Association of Corporate Directors Global Board Leaders' Summit last month in Washington, D.C., and all of them were taken aback by the presenters' lack of reference to internal audit and corporate governance. They were surprised at the absence of discussion on contributions the function could make to a range of key emerging risk issues, including cyber risk, corporate social responsibility, and climate risk.
