Positioning Actual N/A Comments Mandate and strategy 1. Internal audit has a comprehensive strategic plan, developed in collaboration with the audit committee, executive management and principal stakeholders; and aligned to the organisation’s own strategy and medium term risk profile? 2. Internal audit is recognised by business leaders as a function providing quality challenge (for example by telling them things they did not already know, identifying root causes of control breakdowns and opportunities for improving control design, and trends in risks and controls)? 3. Internal audit has a sound understanding of business strategy and the associated risks, and be able and willing to challenge the control environment and infrastructure supporting the strategy and be able to read across from one part of the organisation to another? 4. Internal has an integral role in the governance structure (as the line of defence’) ‘third which is clearly aligned with its stakeholders, clearly articulated in its mandate and widely understood throughout the organisation?
Positioning Actual N/A Comments Mandate and strategy 1. Internal audit has a comprehensive strategic plan, developed in collaboration with the audit committee, executive management and principal stakeholders; and aligned to the organisation’s own strategy and medium term risk profile? 2. Internal audit is recognised by business leaders as a function providing quality challenge (for example by telling them things they did not already know, identifying root causes of control breakdowns and opportunities for improving control design, and trends in risks and controls)? 3. Internal audit has a sound understanding of business strategy and the associated risks, and be able and willing to challenge the control environment and infrastructure supporting the strategy and be able to read across from one part of the organisation to another? 4. Internal has an integral role in the governance structure (as the ‘third line of defence’) which is clearly aligned with its stakeholders, clearly articulated in its mandate and widely understood throughout the organisation?
16-evaluation-of-the-internal-audit-function.docx