For well over 35 years our audit services team has always had complete independence from Management by reporting both administratively and functionally to the Audit Committee and my position has always been hired by the Board. The Audit Committee Chair is a Board Member (we are state chartered) and is responsible for completing my performance review. He/she gets input from the CEO. The Board approves additions to staff.
During our recent QA External Assessment it was recommended that I report to the CEO administratively as that is the most common scenario in the internal audit industry. Right now I do have a 1:1 with the CEO monthly to discuss issues, concerns, growth and development, etc. I also attend all of the Board meetings; but do not have a seat at the executive management table.
For those of you who do have an adminstrative line to someone other than the Board/Audit Committee:
- who do you have the line to?
- what benefit do you see from this structure?
- what would you change?
- do you have a seat at the executive management table?
Feel free to respond to me privately at amy.schaefer@rcu.org if you prefer. Thank you.
