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Table 4–10 presents the top ranked methods currently used, which include surveys/feedback from the board, customer surveys, assurance of sound risk, and balanced scorecard. Table 4–11 presents the top five methods of internal audit performance measurements expected to be used in five years’ time. Balanced scorecards came first, followed by assurance of sound risk. 8% Performance Evaluation of the CAE Table 4–12 shows the parties within an organization that perform the CAE evaluation. The respondents indicate that the CEO/president/head of a government agency is most commonly involved in evaluating the performance of the CAE, followed by the audit committee/committee chairperson.

8% Your internal audit activity meets/exceeds the requirements of The IIA’s Code of Ethics. 3% Compliance with the International Standards for the Professional Practice of Internal Auditing (Standards). 2% Your internal audit activity brings a systematic approach to evaluate the effectiveness of governance processes. 4% One way your internal audit activity adds value to the governance process is through direct access to the audit committee. 4% Statements 28 A Component of the CBOK Study Chapter 4: Internal Audit Activity Scope, Structure, and Reporting Relationships Co-sourcing/Outsourcing of the Internal Audit Activity (IAA) Current Level of Co-sourcing/Outsourcing of the IAA Co-sourcing/outsourcing was popularized during the 1990s.

A Component of the CBOK Study 33 Characteristics of an Internal Audit Activity Figure 4-8: Administrative Report of CAEs CEO/president/head of government agency Audit committee or equivalent CFO/vice president of finance Other General/legal council Chief risk officer (CRO) or equivalent COO Controller/financial director 0% 10% 20% 30% 40% 50% Further analysis of the CAE reporting administratively by region reveals most respondents either report to the CEO or the audit committee or its equivalent.

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