The dance of trust, mutual respect, and effective communication between the Chief Audit Executive (CAE) and the Audit Committee Chair (ACC) is pivotal to the success of any organization.
In my years observing, consulting, and being part of large organizations, the most effective and efficient ones are those where the relationship between the CAE and ACC is rooted in trust, understanding, and transparent communication.
This relationship might seem rather straightforward, but it is more nuanced than meets the eye. It’s like a well-choreographed dance where both partners must be attuned to each other’s movements and intentions.
The foundation: Trust
To say that trust is essential would be an understatement. But trust doesn’t simply appear overnight; it is cultivated over time.
The ACC must trust that the CAE will deliver audits that are comprehensive, unbiased, and timely. Simultaneously, the CAE must trust that the ACC will provide the necessary support, resources, and feedback essential for the audit team to function at its best.
I remember a particular situation where an unexpected financial discrepancy appeared in a company I was working with.
Panic ensued, but the ACC took a…
