The Institute of Internal Auditors and the International Federation of Accountants have released a new report on how auditors and accountants can help with corporate governance strategies.
The report, “United, Connected and Aligned – How the Distinct Roles of Internal Audit and the Finance Function Drive Good Governance,” provides advice from 11 governance experts and thought leaders on the role that both internal audit and the finance function can play in maintaining a sound system of corporate governance.
The report highlights a number of important requirements for effective governance, including:
- An ethical corporate culture that empowers effective leaders to implement good governance processes;
- Effective communication and collaboration among the various roles; and,
- The required competencies for internal audit and the finance and accounting functions to earn support and respect from their constituents.
The IIA and IFAC have a memorandum of understanding and collaborate on projects such as this report.
“Collaboration and cooperation between internal audit and the finance function is crucial to ensuring good governance,” said IIA President and CEO Richard Chambers in…
