While directly getting to know the business is important, audit committee members will also need to rely on independent sources to be their eyes and ears. They need someone to tell them how it is, not how management wants it told. Many organizations have an internal audit function that provides directors with an independent and reliable stream of information. Other organizations may engage an outside assurance resource. Regardless of how the internal audit function is staffed, it is important for the audit committee, rather than management, to authorize the budget of internal audit activities, approve the audit plan, and evaluate the performance of the Chief Audit Executive (CAE).

The training will address the following, taking into consideration the International Standards for the Professional Practice of Internal Auditing of the Institute of Internal Auditors (IIA):

• Principal audit committee and internal audit functions
• The importance of "independence"
• Reporting relationship with the internal audit function
• Disclosure controls
• Internal audit process phases & challenges
• Measuring risk
• Analysis and evaluation of findings
• IIA Standards (Std.) #2400: Communicating Results
• Review and examples of current tools
• Risk-ranking techniques & exercise
• Monitoring progress (IIA Std. #2500)
• Resolution of senior management's acceptance of risks (IIA Std. #2600)
• Using independent assurance advisors for some sensitive evaluation areas
• Audit committee communications