Internal Audit Oversight Function of the Audit Committee
Executive Summary
The role of internal auditors as an integral part of corporate governance has been evolved from assisting management to providing consulting and assurance services to their organization’s corporate governance, risk assessment, and internal controls. The audit committee must oversee the internal audit function including reviewing with the external auditor the responsibilities, staffing, and budget of the internal audit function, and holding executive sessions with the internal auditor. The audit committee can help internal audit add value to the organization by making sure internal audit has the necessary skills and by reinforcing internal audit’s stature within ...
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