Audit committees have a lot on their plates. To help manage the workload, audit committees should look at some of the fundamental elements of meetings to ensure that they are functioning as efficiently as possible.
Pre-read materials are one of these elements—they continue to grow in volume as the audit committee becomes busier. Streamlining reporting to focus on issues, trends and themes continues to be one of the top priorities we hear from audit committee members.
Audit committee reporting should be clear, concise, and impactful, and if it isn’t—it might be time for an upgrade. Executive summaries and dashboard reporting can be particularly helpful in this area. In addition, highlighting changes from prior packages, allowing the committee to easily identify what has changed, is another way of making pre-read materials more effective. We have developed some examples of dashboard reporting which audit committees may find helpful.
- Internal audit dashboard examples
- Internal audit executive summary example
- Quarterly Significant Accounting and Reporting Matters summary
- Ethics and compliance dashboard example
- Developing a D&I dashboard
- Culture dashboard example
Internal audit dashboard examples
Here are two examples of dashboards internal audit could use to cover key topics such as trends and themes of reviews, high risk observations and status of remediations plans. We would expect a more detailed summary of observations to follow the dashboard.
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