EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
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Chief Audit Executive (CAE)
The CAE must develop their team’s ability to be innovative, dynamic and to think out of the box, challenging the status quo and relentlessly driving improvement. They should monitor internal audit (IA) plans for alignment with the new key priorities of the wider organization and adjust accordingly. CAEs should be driving the focus of IA to be integral to recovery plans by understanding, assessing and monitoring the effectiveness of response to all risks.¹
What are the top 3 things the CAE should activate immediately?
What are the CAE’s key considerations with respect to ESG risk?
Proactive advisory
Internal audit can play a proactive role on the organization’s ESG efforts by attending key steering committee meetings, staying abreast of regulatory expectations on ESG matters and providing guidance to management on appropriate controls.
Related case study
Fortune 500 CPG company:
▉ The EY organization teamed with a multinational Fortune 500 CPG company to create a roadmap to decarbonize logistics operations by 2025, starting with North America and then Europe, followed by other regions, too. The plan would include the use of emerging technologies, such as alternative fuels, and help the client realize their bold sustainability ambitions.
▉ We built a new EY solution (EY Alternative Fuels Model) to run real-time scenarios of lane-level detail with emerging technologies, producing compelling outputs outlining cost and emissions impacts of alternative fuel conversion, along with feasibility of associated infrastructure and vehicle maturity.
Targeted oversight
This position is key to conducting targeted reviews of ESG controls across the organization through various internal audit reviews.
Related content
How are organizations using their internal audit functions in support of ESG?
In June 2021, the Institute of Internal Auditors (IIA) and the Internal Audit Foundation, in collaboration with EY, conducted a survey to understand how organizations are using their internal audit functions in support of their environmental, social, and governance (ESG) initiatives.
