Having a clear strategy in internal auditing is crucial for meeting the needs of stakeholders. The strategy involves understanding the vision and value of internal audit, managing risks, planning resources, defining responsibilities and types of work, and having an audit charter. The chief auditor collaborates with the CEO, board, audit committee, and senior management to develop this strategy. It's also essential to have a vision statement for internal audit to show the desired future. Strategic planning helps ensure the success of the internal audit function and aligns it with senior management and audit committee expectations.