Deloitte: “Internal auditors play a vital role in reducing the risk of fraud, corruption and other corporate wrongdoing. Yet, according to Deloitte’s new analysis of member survey data from The Institute of Internal Auditors (“IIA”), 62 percent or more of internal audit (“IA”) functions at public companies globally do not comply with all of the IIA’s International Standards for the Professional Practice of Internal Auditing. The situation is surprisingly similar at private companies, governmental and nonprofit entities. Many boards and audit committee members, and investors, may be unaware of noncompliance with IIA Standards by their internal audit function. This noncompliance may pose significant risks for company leadership, which should seek to adopt appropriate internal audit programs consistent with leading industry practices and standards. Learn more about the IIA standards, Deloitte’s analysis of noncompliance, and how elevating their Internal Audit function may help organizations preserve and create value – here.
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