Internal auditors demand more power

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Internal auditors want the same power to obtain information as external auditors, and a guaranteed reporting line to the head of audit committees, after claims they have lost their authority in large corporations.

A submission to the banking royal commission by the Institute of Internal Auditors says internal audit should be run independent of management and recommends boosting the statutory powers and standing of their members within companies.

The head of the institute, Peter Jones, said the royal commission and the prudential regulator’s report into failings at the Commonwealth Bank of Australia highlighted that information gathered by internal auditors was not reaching boards.

The institute has previously revealed it was aware of cases where internal auditors were being ignored or punished for doing their job.

Peter Jones, head of the Institute of Internal Auditors: "The need for this objective assurance is particularly ...
Peter Jones, head of the Institute of Internal Auditors: “The need for this objective assurance is particularly pertinent when the span of control, size and complexity of the organisation increases.”

Louie Douvis

Earlier this year Elizabeth Johnstone, chairman of the ASX Corporate…

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