Internal Audit Assessment Tool for Audit Committees

This assessment tool offers suggestions for issues to be addressed in an evaluation based on established best practices. It is not intended as mandatory guidance, but rather as a resource that boards and audit committees can use in whole or in part to explore:

• The quality of the services the company is receiving from IA and the sufficiency of resources at its disposal.
• The level of communication and interaction with the IA team.
• The independence, objectivity, and skepticism of the IA team.

Each section includes a series of questions in fundamental areas that boards, audit committees, and others can ask to better understand the IA activity and to develop their own plans for enhancing the input and value of this important area.