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The Relationship between the Internal Audit Function and the Audit Committee—An Empirical Analysis for the One- and Two-Tier-System

Sat, January 19, 7:30 to 8:30am, TBA

Abstract

The relationship between the internal audit function (IAF) and the audit committee (AC) is a key topic of today’s IAF’s work. However, the legal specifications have codified a concrete task for the audit committees to prove the significance of the internal audit in the overall corporate governance system. According to different regulatory frameworks the board should monitor the accounting process and deal with the effectiveness of the internal control system, the risk management system and the internal audit system. From the audit committee’s perspective this leads to a supervising role in terms of the efficiency and effectiveness of the internal audit function. This fact leads to the necessity to empirical analyze the relationship between two major governance players. Our study explores this relationship for a One-Tier-System and a Two-Tier-System, to understand the structure and effects of this collaboration.

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