PracticeAuditInternal audit key to success for directors

Internal audit key to success for directors

The ICAEW today published new guidance for board and audit committee members, as their responsibilities increase in the wake of the introduction of more stringent governance rules.

Link: New ICAEW vice-president pledges ‘an edge’

The guidance urges directors to make better use of their internal auditors to gather the information they need.

Gill Bolton, chairwoman of the ICAEW working group that produced the guidance, said: ‘The internal audit function has a key role to play here because it can provide a breadth and depth of understanding about an organisation, as well as an independent perspective on company performance, both of which are important means of assurance.

‘Audit committees and company boards need to develop an overall assurance framework identifying aspects of governance, risk and control that they want assurance on and where they wish to obtain this assurance from.’

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