1. Interacting with Audit Committees The Way Forward for Internal Audit
Dr. Larry E. Rittenberg, CIA, CPA
Emeritus Professor, University of Wisconsin
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2. CBOK 2015 Practitioner Study
CBOK is the Global Internal Audit Common Body of Knowledge:
The global practitioner survey is the largest ongoing study of internal audit professionals in the world.
More than 25 free reports about practitioners and the profession will be released on a monthly basis through 2016.
Download free reports from the CBOK Resource Exchange at The IIA website at any time (

3. CBOK 2015 Practitioner Survey
Practitioner Survey Results
Survey completed April 1, 2015
14,518 usable survey responses
Participation Levels
100% representation from IIA institutes
Responses from 166 countries
23 languages

4. CBOK 2015 Practitioner Study
Global Regions are based on World Bank Categories. Percentages are the percentage of total survey responses from that region compared to all survey responses.
North America: 19%
Latin America & Caribbean: 14%
Middle East & North Africa: 8%
Sub-Saharan Africa: 6%
Europe & Central Asia: 23%
South Asia: 5%
East Asia & Pacific: 25%

5. CBOK 2015 Practitioner Study
The speaker does not necessarily need to say this, but it’s important to remember that each pie chart is based only on those who answered that particular question (in other words, not all 14,518 survey respondents provided an answer to every question.) Below are the specific number of responses for each question shown on the slide.
Age was obtained from 12,780 respondents; Organization Type was obtained from 13,032 respondents; Gender was obtained from 14,357 respondents; Staff Level was obtained from 12,716 respondents.
Age was obtained from 12,780 respondents; Organization Type was obtained from 13,032 respondents; Gender was obtained from 14,357 respondents; Staff Level was obtained from 12,716 respondents.

6. Importance of Audit Committees
Audit committees are important in ensuring both the nature of internal audit work and internal audit independence.
Audit committees, with internal audit reporting to audit committees, are being required around the world.

7. Mutual Relationships
The audit committee is essential for building and supporting an independent internal audit function. In turn, internal audit must deliver high-level services to the audit committee and the organization to sustain the needed level of support.

8. Key CBOK Questions
Does your organization have an audit committee (or equivalent)?
How often do you meet with the audit committee (per year)?
Do you have formal meetings without members of management present (executive sessions with audit committee members only)?

9. Increase but Wide Disparity Across Regions
The existence of audit committees in North America is strong. European regions tend to have supervisory boards that often do not have an audit committee. Legislation is being developed in parts of Asia to implement audit committees to enhance corporate governance.

10. Audit Committee Existence by Sector
Audit committee rates are high for publicly traded companies and companies in the financial sector. The public sector/government shows the most growth in audit committees between 2010 and 2015.

11. Audit Committee Meetings
Countries with emerging audit committees tend to meet more often, but usually for shorter time periods. The emphasis is on more frequent monitoring. Mature audit committees meet less often and rely on controls and internal audit to assist their monitoring mission.

12. Meetings without Management Present
These are often referred to as “executive sessions.” These sessions are designed to assure the audit committee that all important issues are discussed in confidence.

13. Key Themes: Going Forward
Good progress, but there are too many organizations without effective audit committees.
Frequency of meetings varies significantly by geographic region and industry. Meet less frequently as audit committees mature.

14. Key Themes: Going Forward
Executive sessions have increased, but there are substantial differences across regions and industries. Some is cultural, but there is a need to increase.
“Executive sessions between the CAE and the audit committee is also low for most Asian countries. Interviewees explained that many parts of Asia have a culture where executive management tends to have more power and provide fewer opportunities for questioning and oversight.” (p. 10)

15. Key Themes: Going Forward
Boundaries for management and internal audit are changing:
Organizations are moving rapidly.
Internal audit needs to understand not only current needs, but future needs for assurance.
Internal audit must fundamentally understand the business.

16. CBOK 2015 Releases Jul. 2015 Aug. 2015 Sept. 2015 Oct. 2015 Nov. 2015
IIA International Conference
Governance, Risk, and Control Conference
South Africa Conference
IIA Financial Services Exchange
ECIIA Conference
All Star Conference
Southern Regional Conference
ACIIA Conference
IIA Midyear Committee Meetings
Jul. 2015
Aug. 2015
Sept. 2015
Oct. 2015
Nov. 2015
Dec. 2015
Driving Success in a Changing World: 10 Imperatives for Internal Audit
Navigating Technology’s Top 10 Risks: Internal Audit’s Role
Staying a Step Ahead: Internal Audit’s Use of Technology
A Global View of Financial Services Audits:
Challenges, Opportunities, and the Future
Who Owns Risk?
A Look at Internal Audit’s Changing Role
Combined Assurance: One Language, One
Voice, One View
Responding to Fraud: Exploring Where Internal Auditing Stands
Auditing the Public Sector: Managing Expectations, Delivering Results
Delivering the Promise: Measuring Internal Audit Value and Performance
Mapping Your Career: Competencies Necessary for Internal Audit Excellence
Please share information about the publication of upcoming CBOK reports and where to go for the free download.

17. CBOK 2016 Releases GAM Conference SoPac Conference
Leadership Conference
IIA International Conference
Jan. 2016
Feb. 2016
Mar. 2016
Apr. 2016
May 2016
Jun. 2016
Engaging Third Parties for Internal Audit Activities: Strategies for Successful
Relationships
Interacting with Audit Committees: The Way Forward for Internal Audit
CAE Career Path
GREAT Ways to Motivate Your Staff
Maturity Levels for Internal Audit Departments Around the World
The Skills Most Desired by IA Managers for Their Staffs
Certifications Held by Internal Auditors
Ethical Pressures Faced by Internal Auditors
IIA Standards: Conformance and Trends
Quality Assurance and Improvement Program Trends
Regional Reflections: Africa
Integrated Reporting
Organizational Governance: Internal Audit's Role
Women in IA: Representation and Trends
Additional reports that will be available for a free download..

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19. About The IIA Research Foundation
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