The Public Company Series: Board Structure and Composition

Internal audit plays a critical yet often misunderstood role in corporate governance. In this episode, Doug Chia is joined by Carey Blakeman and Benito Ybarra from the Institute of Internal Auditors, and Mike Varney from Crowe LLP, to unpack what internal audit actually is, and what it isn’t. They explore how the function extends far beyond compliance, offering both assurance and strategic advisory to help organizations identify and manage risk. They also discuss why internal audit is uniquely positioned to provide a cross-functional view of an organization and why boards should be engaging more deeply with it, reporting structures, independence, fraud risk, and the evolving expectations of the profession, including insights from Vision 2035. They ultimately make the case for elevating internal audit as a key contributor to effective governance and long-term value creation.

Boards today are navigating a landscape defined by constant change, emerging risks, and evolving expectations. In this episode, Doug Chia sits down with Jane Edison Stevenson and Claudia Pici Morris of Korn Ferry to explore how board succession must adapt to meet these challenges. They discuss the shift from relying on past experience to cultivating a continuous learning mindset, and why agility, curiosity, and self-awareness are becoming essential traits for directors. The conversation introduces the concept of “corporate wisdom” and examines how diverse perspectives in the boardroom can shape better decisions. Jane and Claudia also unpack what it truly means for a board to be “fit for purpose,” emphasizing the importance of forward-looking succession planning, evolving mindsets, and the ability to bring in expertise dynamically.