Organisations rely on the judgment of board of Directors and top management for oversight and for the desired transformation. The expectations and obligations on top management continue to evolve in response to governance developments and the need for Boards and governing bodies to demonstrate that they have the requisite competencies to carry out with their roles. Indeed, the responsibility of defining the strategy, tap emerging opportunities and remain relevant rest with leaders.  Yet with the ever-changing landscape, setting the governance tone at the top is under attack.

The scope and role of the auditors have metamorphosized, with spotlight on governance. There is growing urgency for ensuring the ‘right governance’ tone and structures for improved value generation. Auditors need to strengthen the role with respect to governance. Auditors need the tools for assessing and evaluating the governance gap for effective recommendations.