Publication

Internal audit is no longer a compliance-focused, checklist-driven department concentrated on fraud detection and financial controls. Instead, the function has shifted to proactive risk management, value creation, and an advisory role that helps the business improve operations and fosters innovation. Although internal audit’s regulatory and assurance role remains fundamental, its remit is expanding beyond traditional compliance, and audit chairs are reconsidering how the function fits within the broader governance framework and what the audit committee can do to support its continued evolution.

In fall 2025, Tapestry Networks convened four meetings of its US Audit Committee Networks, where audit committee chairs of large public companies reflected on internal audit’s broadening remit, including how the function is adapting to new technologies and emerging risks. A number of internal audit executives joined members to offer their insights.