The Audit Committee and Internal Audit

Audit committees have been established with varying success in recent years. Although they should have a broad mandate to deal with a range of corporate issues, the committees often concentrate primarily on external audit reviews. This tendency can be addressed through the development of a close relationship between the audit committee and internal audit. The factors which will affect the internal auditor′s ability to foster this relationship include competence, corporate culture and positive thinking. Internal auditors have the opportunity to influence the role of the audit committee and ensure maximum effect in respect of good corporate management and control.