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Moody's: Best Practices In Audit Committee Oversight Of Internal Audit |
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This special comment describes how Moody's views best practices for the role of audit committees in overseeing internal audit.
In evaluating the quality of committee oversight of the Internal Audit function Moody’s hasinterviewed more than 400 audit committee chairmen of large U.S. and Canadian companies over the past three years, along with many internal audit professionals. In Moody's view, the audit committee has five central functions with respect to internal audit oversight:1. Ensure the audit plan is sufficiently broad in scope and executed in a timely manner2. Ensure audit reports are actionable and implemented3. Enable an audit team that is independent, empowered and sufficiently staffed and resourced4. Promote effective committee functioning, and staff the committee with sufficient expertise5. Promote an open, transparent relationship with the audit and other control professionals To download the report follow the link |
