Opening Remarks IIA International Conference, South Africa

Dr. Judge Mervyn King, Chairman of the King Committee on Corporate Governance, in addition to a long list of impressive credentials, gave opening remarks. Dr. Judge King provided a useful perspective regarding the evolution of the corporate organization, including it's increased expectations to be accountable not only for delivering strong financial results and other more narrow, short term priorities, but in the wider

• Human
• Social
• Natural, and
• Financial capital factors of a corporation.

In that context the internal audit functions responsibilities if working effectively should include being

• The right arm of the board
• Trust and confidence of the board
• Give serious consideration to having executive committee membership
• Challenge risk management effectiveness
• Fulfill regulatory requirements, and
• Address compliance

CAE's need to be credible, have good leadership skills, be good communicators, have a strategic mindset and be good networkers

IA's role should rise, but it is up to the internal auditor for this to occur.