The Internal Auditor′s Relationship with the Audit Committee

Abstract

Gives examples of a number of organizations, committees, and commissions which have promoted both internal auditing and audit committees during the past two decades. Explores the need for a close working relationship between the internal auditor and the audit committee. Examines: (1) the evolution of both internal auditing and audit committees; (2) the Treadway Commission recommendations regarding the importance and role of audit committees and internal auditors; (3) ways in which internal auditors can work with audit committees; and (4) benefits gained from this relationship. Shows how, recently, internal auditors have been transformed from a financial enforcer to a respected member of the management decision‐making process, and audit committees have also assumed more oversight responsibilities in the areas of financial reporting and internal control. Thus, a close and effective working relationship between the audit committee and the internal auditor will be beneficial not only to the company which they serve but also to society as a whole.

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