The Four C's in Overseeing Internal Audit

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Board Perspectives: Risk Oversight, Issue 88 - How to Evaluate a Risk-Based Audit Plan: The Four C’s Framework for Directors

In 2016, The Institute of Internal Auditors and Protiviti conducted the world’s largest ongoing study of the internal audit profession—the Global Internal Audit Common Body of Knowledge—to ascertain expectations from key stakeholders, including board members, regarding internal audit performance. There were several imperatives for internal audit gleaned from the directors who participated in the study—among them: focus more on strategic risks, think beyond the scope of the audit plan, and add more value through consulting.

We’ve always believed that boards should ensure that their organizations maximize the full potential of internal audit. This issue of Board Perspectives discusses the four C’s directors should consider when evaluating the sufficiency of any risk-based audit plan: culture, competitiveness, compliance and cybersecurity.

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