The Institute of Internal Auditors recently released their 2021 Internal Audit Assessment Tool (for Audit Committees). The audit committee is a committee overseeing and reporting to the Board of Directors on complaince, risk and governance issues.
As I was reading the document I highlighted several items I really liked:
- Has Internal Audit had a positive impact on the organization since the last assessment?
- Are there clear links between the audit plan and the organization’s strategic objectives and risks?
- Is the audit team using transformational technology, such as advanced data analytics, robot process automation, process mining, machine learning and AI to identify risk trends and anomalies?
- Does the Internal Audit team use quality processes and engage in continuous improvement efforts?
Many many more great questions are posed, including a section on Skepticism (I would call it Critical Thinking and add a few items to their list).
Here’s where you can download a copy of the document: https://global.theiia.org/about/about-internal-auditing/Public%20Documents/Internal-Audit-Assessment-Tool.pdf