Once specific value drivers are defined, your company’s chief audit executive (CAE) should work with senior management and the audit committee to articulate the mission for internal audit. A formal mission statement or charter lays out the function’s goals and provides the basis to evaluate internal audit performance. An effective mission statement delineates the function’s authority and responsibilities and reflects the priorities of senior management and the audit committee. Although they vary in length and specificity, mission statements ought to address the degree to which the internal audit function will allocate resources toward traditional assurance-focused internal control activities vs. consulting activities perceived to add value to lines of business
