This survey is of relevance to internal auditors. You can read a more general discussion of it here, but I want to focus in this post on some points I think might be interesting for internal auditors.
- There is a broad concern among both investors and issuers about the competence of the board. Auditors should consider this when assessing risks related to the board nomination practices (for new members), as well as the assessment of director performance and the self-assessments by the board and its committees.
- Risk oversight is also of concern. Internal audit should, in my opinion, be either providing consulting services to develop and/or improve risk management, or auditing the effectiveness of risk management practices and programs.
- The independence of the board is quite highly rated as a concern. Auditors might want to review the composition of their board and see if any action would be appropriate.
- Audit-related practices (which I believe refers to the external auditor) is a concern outside North America. Internal auditors might consider helping the board assess the quality of the external auditor's work. (Let me know if you would like to discuss this; I have done it at a few companies).
- Executive compensation also rates fairly highly. Is your internal audit function planning an audit in 2011?
What do you find of interest? Join the discussion here, at the other site, or both if you have the energy.