Read Richard Chambers' Latest Blog
No Internal Audit? It Could Be Worse
In his blog, IIA President and CEO Richard Chambers, CIA, QIAL, CGAP, CCSA, CRMA, shares his personal reflections and insights on the internal audit profession. Here's an excerpt from his latest post:
Those who regularly read my blog posts will know that I have been an outspoken critic against publicly traded companies not having internal audit functions. In 2015, I shared the view that every publicly traded company be required to have an internal audit department; and in 2013, I called out Nasdaq for withdrawing its proposed listing requirement that would have mandated an internal audit function.
While my views on the importance of strong internal audit functions have certainly not changed, I do think it is important to put my views in perspective. Frankly, there are worse things than having no internal audit. This is particularly true if an internal audit function is weak or ineffective because, in such instances, it is easy for management, boards, and third parties to be lulled into a false sense of assurance. The stakeholders for such internal audit functions might easily conclude all is well because internal audit has not raised any red flags. In some instances, nothing could be further from the truth.
Read the full InternalAuditor.org blog post from IIA President and CEO Richard Chambers.