The Institute of Internal Auditors has set up a Global Audit Committee Center in Washington, D.C., to provide a global hub for strengthening audit committees, shaping regulations, and equipping IIA members with advisory tools, best practices and training.
Under the initiative, the IIA hopes to fill a gap in resources for audit committee members with standardized policies, oversight training and frameworks to help boards fulfill their fiduciary responsibilities. The center will provide guidance to improve board effectiveness and reinforce corporate governance worldwide.
As part of the rollout, the IIA has appointed Abdullah Saleh Alshebeili, CEO of the Saudi Authority of Internal Auditors and secretary-general of the Arab Confederation of Internal Auditors, as chairman of the center's board. The IIA plans to bring together subject-matter experts from around the world to strengthen audit committee structures, governance frameworks and international best practices.
The center will initially focus on approximately 1,500 audit committee members within Fortune 500 companies, out of an estimated global base of 165,000. The plans call for expansion via partnerships with professional institutes and associations, with training in multiple languages to widen accessibility.
The IIA anticipates the center will offer strategic guidance, curated educational resources, and high-level events to bolster board confidence and ties between audit committees and internal audit executives. The debut of the center aligns with some of the priorities in the IIA's Internal Audit Vision 2035, which calls for closer alignment between audit committees and internal audit executives.
By locating the center in Washington, the IIA is hoping that a more structured approach to oversight will gain traction among global boards, especially as investors and regulators push for higher governance standards.
