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What services can the internal auditors provide for the audit committee?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Hi I am Adhya. I am CA student. May I know, What services can the internal auditors provide for the audit committee?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

The internal auditors provide to the audit committee objective assessment on the state of the organization's risk, control, governance, and monitoring activities. The internal auditors should regularly report to the audit committee significant risk exposures and control issues, corporate governance issues, and other requested information. Additionally, the internal auditors can act as an advisor and provide critical services that are integrated into each of the audit committee's activities and processes. To accomplish this, a strong working relationship, mutual trust, and robust dialogue between the internal auditors and the audit committee is essential. The internal auditors should provide the following to the audit committee on a regular basis: * Independent, objective assurance and consulting activities related to assessing the effectiveness of the organization's risk management, control, and governance processes. As a part of these services, the internal auditors should communicate significant engagement observations, information on fraud management, and recommendations to the board whether or not the issues have been satisfactorily resolved. When appropriate, the audit committee should meet privately with the CAE to discuss sensitive issues related to these assessments. * Gathering of information, and/or arranging discussions with subject matter experts to address audit committee questions and information needs related to risk management, control, and governance processes. Additionally, the internal auditors should review related information submitted to the audit committee to help ensure completeness and accuracy. * Confirmation on the adequacy of the audit staff and budget requirements, as well as the scope and result of internal audit activities. The intent of this review is to help ensure there are no budgetary or scope limitations impeding the ability of the internal audit activity to execute its responsibilities. * Information on the coordination and oversight of other control and monitoring functions (e.g., risk management, compliance, security, business continuity, legal, ethics, environmental). This activity should help ensure that there is effective and efficient coordination of activities within the organization. The internal auditors also should coordinate its activities with the external auditors where appropriate and feasible. * Information on emerging trends and successful practices in internal auditing. Further references: Practice Advisory 2060-2: Relationship with Audit the Committee, February 12, 2004

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