Boardroom Challenges

Nigel Payne, Former Big 4 Partner and current leader of his own professional board member consulting practice provided insights into the challenges, pressures and expectations of being a board member, key charactersics in the makeup of effective board structures and processes which can contribute to appropriate board organizational impact.

Nigel's extensive board audit and risk committee leadership experience uniquely qualifies his perspective.

Nigel's comments highlighted selected elements of board development and operation. They included:

• Board structure, selection process
• Induction practices
• Formalize expectations
• Competence assessed, than independence-industry knowledge
• Chair calibre
• Board dynamics-team that can challenge each other
• Ethical Tone at the top

Further highlighted were elements specifically applicable to internal audit:

• Know who is your primary client
• Independent, objective and competent
• Risk based approach to the role
• Distinguish responsibilities related to assurance versus consulting
• Give consideration to the issuance of a formal opinion on governance, risk management and controls
• Address how audit reports are structured; short, crisp, clear, helpful
• When to in-house, out-source or co-source

Paraphrasing Nigel's final comments he asked the audience to ask "Why are so few internal auditors on boards?"