Only 16% of public companies included in the new American Corporate Governance Index scored A- or better.
CAEs say their function doesn't make adequate efforts in communicating with the board and management, among other shortcomings.
Many report repeated instances of being pressured to squash or alter valid audit findings.
While not all public companies have an internal audit function, the tide may soon be turning.
The organization tells the SEC that an internal audit function should be recognized as "a matter of basic good governance."
But one audit committee chair knows how to get a fuller picture from internal auditors.
As businesses become more dependent on third parties, internal auditors need to put processes in place to help identify third-party risks.
New studies show that while the role of internal audit still needs to evolve, corporate boards hold the profession and the chief audit executive in higher regard these days.
Can finance executives credibly rotate into the chief audit executive role if they’re planning to go back to finance afterward? Opinions run hot within the internal-audit community.
More than 40% of chief audit executives are proposing bigger budgets for next year, according to an Institute of Internal Auditors survey, but not many are looking to hire.
Small companies should benefit from revised internal-audit standards. They could make the chief audit executive a whole lot more popular, too.
Collaboration of risk-management and internal-audit functions is helping organizations improve efficiency, decision-making, and results.
