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Role of the Audit Committee: Managing the Director of Internal Audit
Patricia L. Langiotti
Executive Summary Managing internal audit is one of the most critical functions of the audit committee. The audit committee not only oversees the internal audit function of an organization, but often recruits and hires the director of internal audit, who reports directly to the audit committee. The committee must take care to ensure the audit function’s independence from management and make decisions about how to handle whistleblower complaints and internal investigations. A best practice is to have an executive session during every audit committee meeting to allow the director of internal audit to discuss issues privately with the committee. The...
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Patricia Langiotti is the founder and president of Creative Management Concepts, a small management consulting practice. She has been a director of National Penn Bank, a $9.5-billion asset financial services holding company headquartered in Boyertown, Pennsylvania, since 1986. She served as its audit committee chairwoman for a number of years and she currently serves as chairwoman of the Directors Enterprise-wide Risk Management Committee. She is also a member of the Executive Committee and the Nominating/Corporate Governance Committee.