Context: There are as many as eight Institute of Internal Auditors (IIA) standards relating to required communications between a company’s chief audit executive (CAE) and the audit committee (AC). Private sessions between the CAE and the AC and/or the AC chair may cover what information will be presented to the full board. - The CAE may also alert the chair to any issues that go beyond typical quarterly reports, which usually describe the number of audits completed, any non-scope projects or what’s ahead for the next quarter.
- The discussions are often scheduled around corporate earnings cycles. But the IIA does not specify how many meetings or sessions are needed.
Member question: “How often as a CAE do you hold a private session with your audit committee in a typical year (e.g. every quarter, every other quarter, at year-end, as needed, etc.)?”
Members of NeuGroup for Internal Audit Executives offered their peer who posed the question more than 20 answers. In terms of frequency, most CAEs hold private sessions with their audit committees quarterly, often in conjunction with regular committee meetings. These sessions frequently occur after the main meeting and are paired with one-on-one discussions with the AC chair beforehand. Here are some other takeaways from the responses:
Common patterns: quarterly sessions after AC meetings. The most common approach involves a short private session with the AC after each scheduled quarterly meeting. However, one member indicated he doesn’t meet quarterly. “I get three private sessions a year coincident with AC meetings,” he said, adding that he typically connects with the AC chair “before each meeting, mostly by email to preview the materials and get any feedback.” - Pre-meeting 1:1s with the AC chair are a thing. As with the auditor above, many CAEs meet with the chair prior to each AC meeting, either in person, by phone or via email to review materials, address questions and gather feedback.
- Additional touchpoints. Some CAEs add pre-AC calls, post-meeting follow-ups or special sessions tied to 10-Q/10-K filings.
Variations in practice. This includes more frequent engagement. A few CAEs meet with the AC chair monthly or nearly monthly, in addition to quarterly private sessions with the full AC. “I meet with the AC chair monthly,” said one auditor. She then meets with the full AC quarterly “and during each quarterly meeting, I have a private executive session with them.”
- Semiannual exceptions. A minority reported fewer formal sessions (e.g., three times a year) but maintained consistent informal communications with the chair.
- Multiple quarterly interactions. Some CAEs structure up to three distinct quarterly touchpoints: pre-meeting chair call, post-meeting private session and follow-up calls with AC members.
Typical session length. While not always specified, private sessions are often brief—around 10 minutes with the committee—while 1:1 chair meetings may last 20–30 minutes.
Summing up: For most auditors, the trend is a quarterly private session with the AC, underpinned by regular pre-meeting coordination with the AC chair, and occasional additional engagements as needed. This is critical because at the actual quarterly meeting, auditors only get 15-20 minutes before the AC. Therefore, the extracurricular meetings go a long way toward building the required strong relationship between internal audit leaders and the board and audit committee. 
