A Shared Mission and Vision: The Driving Force Behind Internal Audit Success

Having a shared vision of internal audit’s role and mission among the audit committee, board of directors, executive management, and the internal audit department is an important part of internal audit success. When all stakeholders are aligned in their understanding of internal audit’s purpose and objectives, it creates a cohesive framework for effective collaboration. This shared vision contributes to a unified approach to risk management, governance and compliance, ensuring that internal audit activities are supported and integrated into the strategic goals of the organization. It also enhances the credibility and influence of the internal audit function, empowering auditors to provide more impactful insights and recommendations. Ultimately, a common understanding among key stakeholders helps internal audit effectively allocate resources, clearly define priorities and consistently meet expectations. The result? A stronger control environment, better risk mitigation and the overall success of the organization’s governance framework.

Mission and Vision Statements: An Overview

When talking about having a shared mission and vision, it is important to look at the internal audit department’s mission and vision statements within your organization.

A mission statement answers the question, “why does the organization have an internal audit department?” Key elements typically highlighted in the statement include ensuring the effectiveness of risk management, internal controls, and governance processes by providing independent and objective assessments.

While equally important, a vision statement is not the same as a mission statement. A vision statement outlines the department’s long-term objectives and desired future state. It describes how the organization would look once every goal was achieved. A common element of a vision statement includes a commitment to driving organizational excellence through initiative-taking risk management, continuous improvement, and fostering assurance values, such as transparency and accountability.

When developing internal audit’s mission and vision, it should align to that of the organization, so it supports and contributes to the broader strategic objectives.

Importance of Communicating the Mission and Vision

Communicating the mission and vision statements helps everyone in the internal audit department understand the overarching goals and purpose of their work, aligning their efforts with the organization’s strategic objectives. This clarity fosters a cohesive approach to auditing processes, enhances decision-making and drives continuous improvement, making the department more effective. Further, it ensures that all parties are moving in the same direction. This unity maximizes efficiency and promotes a sense of purpose and motivation.

The mission and vision statements should be included in the internal audit charter to provide a formal framework for its activities. This facilitates transparent communication with all who are involved.

Getting Synced Up

To ensure alignment among management, oversight functions and internal audit, present the mission and vision statements alongside the internal audit charter to management and the board, highlighting their support for organizational goals. Taking stakeholder opinions into account when revising the internal audit charter allows the charter to reflect the needs and expectations of those it serves. Engaging stakeholders helps identify potential gaps or areas for improvement, leading to a more robust and aligned audit function that better supports organizational goals and stakeholder interests. From the feedback obtained, make appropriate changes to the charter and present it to the audit committee for approval.

To address discrepancies in understanding the value of internal audit, regular communication and alignment efforts are essential. This is more easily completed by reviewing and updating the charter annually.

To Recap

When stakeholders are aligned to the value-add of an internal audit department, the organization is best positioned for long-term governance framework success supported by a strong internal controls environment. So, how can you get started? If your organization or internal audit department needs assistance in creating, evaluating, or communicating your mission and vision statements, we can help. The team at Sikich specializes in supporting organizations in this and can conduct a stakeholder assessment, fine-tune existing statements, and develop a communication plan. Please contact us to start the conversation.

Be sure to check out our report: “The Strategic Role of Internal Audit” for related noteworthy findings. You can learn more about the added value of integrating internal audit into strategic conversations in our other article here.