The chief audit executive (CAE) is responsible for assuring that all required components are included in the internal audit charter. The CAE must ensure that the charter clearly defines the purpose, authority, and responsibility of the internal audit activity, and that it aligns with the standards set by the Institute of Internal Auditors (IIA). The CAE is also responsible for presenting the charter to senior management and the board for approval.
The IIA Standards: Standard 1000 - Purpose, Authority, and Responsibility: "The chief audit executive must periodically review the internal audit charter and present it to senior management and the board for approval." IIA Practice Guide: "Internal Audit Charter: Understanding the Components": Emphasizes the CAE's responsibility in developing and maintaining the charter.

The most appropriate next step when the external reviewer and the chief audit executive cannot agree on the importance of several deficiencies is for the reviewer to issue the report, noting the deficiencies with comments that address the areas of disagreement. This approach allows for a balanced presentation of the findings, ensuring that senior management and other stakeholders are aware of both the deficiencies and the differing perspectives regarding their significance.
Best practices in handling disagreements during external quality assurance reviews, as recommended by IIA guidance on quality assurance.

Ongoing monitoring is a continuous process of evaluating the performance and quality of the internal audit activity. It includes regular management and supervisory activities, such as reviewing audit reports, tracking audit recommendations, and measuring key performance indicators. One of the ways to monitor the performance of the internal audit activity is to acquire feedback from audit clients and other stakeholders. Feedback can help to assess the value, effectiveness, and satisfaction of the internal audit services.

For a new board chair, the first step to ensure effective leadership involves gaining an understanding of the needs of key stakeholders. This foundational knowledge is critical as it shapes the chair ' s approach to governance, strategic alignment, and stakeholder engagement, providing a direct line of sight into the expectations and concerns that may influence the organization's direction.
Best governance practices and board leadership guidelines