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The internal audit function within a company involves an Audit Committee composed of board members, typically three in number. According to the Sarbanes-Oxley Act (SOX), committee members must be outsiders—meaning they cannot be employees—so the CEO, although on the board, cannot serve on the Audit Committee. This committee has a fiduciary responsibility to shareholders and external stakeholders, acting as a check and balance between auditors (internal and external) and management. The Audit Committee directly interacts with internal auditors, who report to them, ensuring oversight and accountability in the auditing process.
