The key role of internal audit is evolving and will consist of:
- Inspiring collaborative style to get the most efficient approach shared across the 3 Key Control Functions (Internal Audit, Compliance and Risk Management).
- Being empowered by Board of Directors (and / or Audit Committee, if any).
- Communicating openly with the auditees.
- Providing added value to the control environment (process enhancement, documentation improvement which will ultimately lead to an improved Management Information System).
- Reporting to the Board of Directors (and / or Audit Committee, if any).
- Interacting with the CSSF on demand.