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1. Appropriate governance arrangements are essential for an effective internal audit function. A chief audit executive must work closely with the audit committee to establish the internal audit function, position it independently and oversee its performance. There are also senior management responsibilities to support audit committee responsibilities to promote strong internal audit function governance.
2. There are a number of essential conditions for this to be possible. These conditions allow internal audit to deliver on its purpose statement to create, protect and sustain value by providing the audit committee and management with independent, risk-based and objective assurance, advice, insight and foresight.

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