Understanding, experience and technology for success
Regulators and investors are demanding increased scrutiny of an organization’s operation, making the Chief Audit Executive’s (CAE) job more complex and challenging. As investors home in on business fundamentals and management credibility, the CAE’s oversight of planning and performance takes on new urgency. While the Internal Audit function is gaining popularity as a guardian of good corporate governance and the leader of business performance, measuring the Internal Audit’s performance can play a critical role.
Measuring performance ensures high quality standards for audit strategy, execution and reporting. In addition facilitates integration of the audit strategy with the overall organization strategy thereby linking the audit’s performance to an organization’s mission and objective and in return ensures that all stakeholders audit needs are fulfilled.
Key benchmarks performance measurement outlined by leading research institutes and a few regulators include:
The CAE is the guardian and the leader of corporate governance and business performance. It is critical for them to maintain oversight of the traditional requirement and the evolving role of Internal Audit function. CAE should put in effort to align people, process, and systems with the overall organization objective, allowing Executive Management to more confidently answer the critical questions investors are asking today about the Corporate Governance and Organization performance.