Internal audit has the responsibility to review the enterprise-wide compliance program to determine if it is accomplishing the firm’s stated objectives, and if it is adequately and appropriately staffed, in light of growth, changes in the firm’s business mix, new customers, strategic initiatives, reorganizations, and process changes.
Internal audit should evaluate the firm’s adherence to its own compliance and control processes and assess the adequacy of those processes in light of the complexity and legal and reputational risk profile of the organization.