Internal Audit Committee
The Internal Audit Committee consists of senior staff from our members’ internal audit departments in the United States. [We have a separate Committee, ICI’s International Internal Audit Advisory Committee, for our members’ internal auditors outside the US. These committees frequently participate in joint sessions.] The Committee provides a forum for its members to discuss a variety of issues relating to the internal audit function, including, for example, the annual audit planning function, the changing roles and responsibility of auditors, the coordination of activities with other departments within a complex (e.g., compliance, risk), changes to controls and processes, and interactions with external auditors.
Key Issues of Interest
The key issues of interest for the Internal Audit Committee are any issues relating to the internal audit function of ICI’s member firms, including their role within a fund complex and their interaction with outside auditors. In addition to its regularly scheduled meetings, the Committee participates in special sessions designed to address topics members of the Committee are interested in learning more about.
Committee Members
Committee Meetings
The Internal Audit Committee meets at least four times a year: two of these meetings focus on issues raised by members; the remaining meetings focus on members’ annual audit plans. As noted above, these meetings are supplemented by educational sessions on topics of interest to the members. With one exception, the Committee meets virtually. The one exception is an in-person meeting each fall. This in-person meeting consists of two parts. The first part is a meeting of the Committee’s members; the second part is a joint meeting with members of ICI’s Chief Risk Officer Committee. The agendas for the two meetings focused on issues raised by members also include updates on any regulatory or audit-related initiatives impacting members, as well as a group discussion on current topics of interest to the members. The Committee’s meetings are complemented by educational sessions on topics members want to learn more about. Members of the International Internal Audit Advisory Committee are invited to join each of these educational sessions. These sessions are also open to members’ internal audit staff or others within the organization who may be interested in them. In addition to the Committee’s meetings, ICI engages with the Committee through the publication of memos and emails that keep members apprised of issues of interest to them or issues that may affect them.
Notes
Please register for the meetings using the Cvent link provided. Please remember that, for the Deep Dive sessions, you are welcomed to forward the registration link for them to any of your internal colleagues who may be interested in them. The same is not true for the remaining events, which are only open to members of the Committee or to your substitute in the event you have a conflict.
Membership Information
Each member firm may have two representatives on the Internal Audit Committee.