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The Internal Audit Function
Among the many responsibilities of an audit committee, overseeing the function of internal audit can be among the more challenging and complex. New York Stock Exchange (NYSE)-listed companies must include, and many companies generally do include, oversight of the internal audit function as one of the responsibilities of the audit committee. As a result, it is common for an internal audit function to be required and the scope of that function subject to the oversight of the audit committee. From a governance perspective, what is the mission of internal audit?
According to the Institute of Internal Auditors (IIA) in its new professional practices framework, the mission of internal audit, and its role of enhancing and protecting the value of the organization, is to provide risk-based and objective assurance, advice and insight into the operations of an organization. One of the basic functions for an audit committee or a board of directors in connection with establishing and defining the functions of internal audit, is to seek agreement and consensus of the organization and management of the role to be played by internal audit and the focus of its work. Clearly, the basic functions relate to compliance programs, risk assessment and internal control; fostering a culture of excellence, integrity and compliance.
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