This questionnaire explores internal audit’s strategic contributions and what management and boards should expect from audit going forward.

Sample questions for the board of directors include: Have we updated our risk assessment in the wake of recent events? Do we have a process for keeping our risk assessments up to date? Are we evaluating new and emerging risks to the organization? Are we overlooking any important risks? Are we satisfied we have minimized what we don’t know about our risks? Do audits planned by internal audit target business opportunities that can improve efficiency and create bottom-line savings?