ABSTRACT

Throughout this book, we have reviewed various lessons learned for internal audit along with over 50 challenges that auditors may find themselves in when executing their role. We began the book with lessons learned of a CAE. Let’s take a similar approach and conclude with considering ten “potential” commandments for internal auditors.

1. Thou Shall Serve the Audit Committee This is the primary responsibility of internal audit. Serve the audit committee with honesty, integrity, openness, and trust. They are the governing body tasked with oversight of the function. The auditor’s responsibility is to ensure the committee has the relevant information needed to perform their overall responsibilities.