How do you assess the effectiveness of your internal audit function? How do you know whether it is world-class?
Norman Marks, a retired Chief Audit Executive, thought leader, and author, tackles this question in a short book that focuses on two tools that he highly recommends:
- A focused discussion with internal audit’s primary customers, the board and top management, and
- A maturity model for internal audit
He shares a list of questions that can be used to drive the discussions with management, and a detailed maturity model he has developed over the years. It is based on the discussion of leading internal audit practices in his best-selling 2016 book, “Auditing that Matters”.