Leadership

Audit Committee Effectiveness: What Works Best, 4th Edition

Audit Committee Effectiveness: What Works Best, 4th Edition, is intended to be a practical guide, providing information and best practices on topics that are most relevant to the audit committee to enhance performance and effectiveness. This publication:

• Provides insights and points of view from audit committee members, financial reporting experts, governance specialists, and internal audit directors.
• Incorporates survey trends, allowing you to understand the financial reporting environment and how audit committees are responding.
• Includes an Audit Committee Self-assessment Guide that captures the leading practices discussed in the report to aid in assessing audit committee performance and identify process changes to consider.

The bottom line is that people expect more from audit committees today, and this publication provides insight into leading practices that can help committees meet those expectations.

Value and Competency—The Stakeholder Perspective

Learn What Stakeholders Value From the Internal Audit Function

Successful professionals recognize that feedback from stakeholders is essential for personal growth and organizational success. Therefore, The IIA Research Foundation commissioned this research report to compare how stakeholders and internal auditors rate the profession on core competencies and organizational value.

To obtain a comparison, both internal auditors and their stakeholders were asked to respond to an identical survey. The results showed that:

The competencies with the highest percentage of positive ratings from both respondents were:

• Ethics
• Confidentiality
• Objectivity
• Professionalism

Notably, more than 90% of all respondents rated internal audit as very good or excellent for both ethics and confidentiality.

While still highly rated, the competencies with fewer positive ratings from respondents were:

• Conflict resolution/negotiation skills
• Business process analysis
• Ability to demonstrate/promote the value of the internal audit function

Internal auditors can use the findings about competency and value from this report to promote professional growth and achieve organizational objectives.