United, Connected and Aligned: How the Distinct Roles of Internal Audit and the Finance Function Drive Good Governance
Effective governance involves many individuals throughout an organization, including internal audit and the finance function. IFAC and The Institute of Internal Auditors (IIA) have compiled insights from 11 governance experts to examine how the complementary roles of both functions drive sound governance.
Interviewees identified several key requirements for effective governance, including:
- An ethical corporate culture that empowers effective leaders throughout the organization to carry out good governance processes;
- Effective communications and collaboration among the various roles; and
- Requisite competencies for internal audit and the finance function to earn stakeholder support and respect.