We have seen too many recent examples of management’s influence contributing to a toxic corporate culture that can destroy shareholder value. This may sound self-serving, but if it is only management that provides that assurance, the Board may be operating at a disadvantage. When a publicly traded company has no internal audit function, one must ask: Who is providing the independent and objective assurance and insight the Board needs to determine how well risk and the mitigating controls are being managed? Indeed, the presence of an effective internal audit function signals unequivocally management’s and the Board’s support of strong and effective risk management, internal control and governance. The IIA’s letter to the SEC outlines the case for internal audit to serve as a foundation for - if not a catalyst to - restoring investor confidence. Yet, there are many enterprises – large and small – that continue to operate without internal audit.
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