Internal audit plays a critical yet often misunderstood role in corporate governance. In this episode, Doug Chia is joined by Carey Blakeman and Benito Ybarra from the Institute of Internal Auditors, and Mike Varney from Crowe LLP, to unpack what internal audit actually is, and what it isn’t. They explore how the function extends far beyond compliance, offering both assurance and strategic advisory to help organizations identify and manage risk.

They also discuss why internal audit is uniquely positioned to provide a cross-functional view of an organization and why boards should be engaging more deeply with it, reporting structures, independence, fraud risk, and the evolving expectations of the profession, including insights from Vision 2035. They ultimately make the case for elevating internal audit as a key contributor to effective governance and long-term value creation.

What you'll learn:

• How to move beyond the "police watchdog" perception by adopting a strategic advisory role that aligns internal audit plans with the organization’s long-term strategic goals.
• The critical importance of organizational positioning, ensuring the function reports functionally to the board or audit committee to maintain the independence required for objective oversight.
• Practical ways to oversee the rapid implementation of artificial intelligence by establishing governance frameworks that mitigate the risks of "phantom AI" and ensure technology is deployed in a systemic, structured manner.
• The six essential criteria for an effective internal audit function, including following global standards, maintaining certified staff, and undergoing external quality assessments every five years.
• Why the scope of internal audit is expanding to include global business resilience and sustainability assurance to meet the evolving expectations of diverse stakeholders.

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