When Audit Committees Have Their Heads in the Sand

In this episode of "A View from the Audit Trail,” Richard Chambers delves into the critical role of audit committees in maintaining internal audit independence. Richard discusses a recent case where a Chief Audit Executive (CAE) was dismissed without the audit committee's knowledge, highlighting the importance of audit committees being actively involved in both the hiring and firing processes. Learn how audit committees can better support internal audit functions to ensure robust governance and risk management.
The importance of functional and administrative reporting lines
Challenges faced by CAEs in maintaining independence
The role of audit committees in hiring and firing CAEs
Ensuring effective internal audit functions through proper oversight
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Chapters
0:00 Introduction
0:16 Audit Committee Blind Spots
1:19 Importance of Reporting Lines for Internal Audit
1:55 CAE Reporting Relationships
2:40 Audit Committees Should Control The Hiring and Firing Process
3:23 Call to Action for Audit Committees and Boards
3:40 Conclusion
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