What's Happening?
The Institute of Internal Auditors (IIA) has established a Global Audit Committee Center in Washington, D.C. The center aims to strengthen audit committees, shape regulations, and provide advisory tools
and training to IIA members. Abdullah Saleh Alshebeili has been appointed as chairman of the center's board. The initiative seeks to improve corporate governance worldwide by offering strategic guidance and educational resources to audit committee members, particularly within Fortune 500 companies.
Why It's Important?
The establishment of the Global Audit Committee Center represents a significant step in enhancing corporate governance standards globally. By providing resources and training, the center aims to improve the effectiveness of audit committees, which are crucial for maintaining transparency and accountability in corporate operations. This initiative could lead to more robust governance frameworks, benefiting investors, regulators, and companies by fostering trust and confidence in corporate practices.
What's Next?
The IIA plans to expand the center's reach through partnerships with professional institutes and associations, offering training in multiple languages to increase accessibility. The center's focus on aligning audit committees with internal audit executives aligns with the IIA's Internal Audit Vision 2035, which emphasizes closer collaboration to enhance governance standards. As the center gains traction, it may influence global boards to adopt higher governance standards in response to investor and regulatory pressures.
