<Ul> <Li> IIA Practice Advisory: Cf . PA1110 - 1 paragraphs 2 and 3 (where the "board" means "an organization's governing body, such as a board of directors, supervisory board, (...) any other designated body of the organization, including the audit committee to whom the chief audit executive may functionally report) </Li> <Li> European best practice for the role of the Audit Committee in overseeing internal audit: cf . </Li> </Ul> <Li> IIA Practice Advisory: Cf . PA1110 - 1 paragraphs 2 and 3 (where the "board" means "an organization's governing body, such as a board of directors, supervisory board, (...) any other designated body of the organization, including the audit committee to whom the chief audit executive may functionally report) </Li> <Li> European best practice for the role of the Audit Committee in overseeing internal audit: cf . </Li> <P> Organizations have a variety of functions that perform activities to understand and address risks that threaten the achievement of the organization's objectives . The policies and practices used by the entity to identify, prioritize, and respond to the risks (or opportunities) are typically discussed with the audit committee . Having such a discussion is required for listing on the New York Stock Exchange . Many organizations are developing their practices towards a goal of a risk - based management approach called Enterprise risk management . Audit committee involvement in non-financial risk topics varies significantly by entity . Dr. Ram Charan has argued for risk management early warning systems at the corporate board level . </P>

Who reports to the audit committee of the board of directors