As companies shifted their strategies and risk profiles in response to the events of 2020, many boards shifted their oversight into high gear, amplifying the need for insights into the risks and opportunities ahead.
During the Institute of Internal Auditors’ 2021 Global Audit Management Conference, Michael A. Smith and Stephen Brown of KPMG LLP and Debbie Messemer, a director on public and private company boards, discussed how internal audit can be a valuable asset as directors turn their attention to preparing for a new vision of the future.
Chief audit executives (CAEs), they said, can play a role in helping the board prioritize a heavy agenda to focus attention on the right risks and opportunities. By communicating the issues that are keeping them awake at night to the audit committee, CAEs can provide valuable input to help the committee and the board identify critical areas for discussion and action such as:
- reassessing key risks and assumptions
- bridging the risk appetite delta
- building trust—internally and externally
- insights that inspire relationships.
Download the paper to read highlights of their discussion.