ABSTRACT
This chapter illustrates how a “back to basics” approach helped to strengthen a lax control environment and, ultimately, delivered global recognition for internal audit quality. It also considers responsibility to protect whistleblowers even after leaving an organization, and the impact of poor probationary management practices. An important role for audit committee is to establish a vision for internal audit in consultation with the board, CEO, and chief audit executive. The vision should encapsulate the future state of the internal audit function in three to five years' time. It provides the chief audit executive with the basis for determining their strategic priorities for maintaining the momentum, building capability, embracing leading edge practices, and enhancing organization's governance arrangements. Chief audit executives need to have sufficient budget/funding commensurate with vision that has been established. Audit committee charters typically include a requirement for the audit committee to periodically advise the board (or CEO) on theadequacy of internal audit resources to carry out its responsibilities.
