Years ago, the Institute of Internal Auditors (IIA) published a definition of internal auditing that was focused on a broad range of evaluation and improvement activities, namely, “risk management, control and governance processes.” This definition has been viewed by some as ahead of its time, since many internal audit functions still lack the knowledge and skills required to expand the focus of the audit plan to address all of these activities fully.

Our view is that this definition continues to provide a pathway for refocusing the internal audit agenda in an environment of ever-changing expectations. In this issue of The Bulletin, we explore some of the factors that are driving higher expectations for internal audit and outlines how Chief Audit Executives (CAEs), with support from management and the audit committee, can respond to the challenge.