This sample questionnaire explores internal audit’s strategic contributions and what management and boards should expect from audit going forward. It contains a comprehensive set of assessment questions designed for boards and chief audit executives (CAEs) to evaluate the effectiveness and strategic focus of their internal audit functions. The questionnaire is structured into various categories, including risk assessment updates, governance and ethics programs, fraud risk management, and talent management within internal audit teams. Each section poses critical questions aimed at identifying areas for improvement, ensuring compliance with regulations, and enhancing the overall efficiency of internal audit processes. This structured approach allows organizations to systematically assess their internal audit capabilities and align them with broader business objectives.

An internal audit strategic focus questionnaire serves several purposes. Primarily, it helps organizations identify gaps in their current risk management strategies and internal audit practices, enabling them to adapt to emerging risks and regulatory changes effectively. By evaluating the alignment of internal audit activities with organizational goals, the questionnaire facilitates a proactive approach to auditing, ensuring that audits are not only reactive but also strategically focused on enhancing business performance. Additionally, it encourages collaboration among key stakeholders, including board members and executive leadership, fostering a culture of transparency and continuous improvement within the organization.

Sample questions 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?
• What training and development activities related to personal skills and capabilities are included in the internal audit shop’s formal talent management program?
• Does the internal audit function have a mechanism for monitoring breaking IT/cybersecurity risks and regulatory responses?