The mutual relationship between the Audit Committee and Internal Audit Function

To ensure that internal audit can deliver value, the Audit Committee must protect and nurture unbiased assurance, which is among internal audit's greatest contributions to the organization. Independence and objectivity is required for the board, audit committee and external auditors to place reliance on the work completed by internal audit. Audit committees should be prepared to:

• understand the resources needed to provide value, including both personnel and data analytics resources
• protect the independence and objectivity of the chief audit executive (CAE) and internal audit team.
• communicate with the CAE often and at a deep level, both formally and informally
• agree on expectations and help design, review, and approve audit plans that are aligned with those expectations
• hold management accountable for assessing and implementing, when appropriate, internal audit recommendations
• monitor the quality of internal audit work and insist on timeliness, organizational perspective, and fact-based observations and recommendations