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The internal audit charter should be approved by the governing body and agreed to by senior management. The charter should at a minimum include internal audit’s purpose and mission, authority, responsibility, its independent reporting relationships, scope and requirement to conform to IIA Standards.
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Mar 26, 2024 · The “Guide to Customizing the Internal Audit Charter” (either the General Use or Public Sector Use version) and corresponding tool will help IIA members create their own unique charter.
In drafting an internal audit activity charter, the chief audit executive should exercise care to customize the charter, including replacing bracketed, blue text with language that accurately reflects the user’s situation.
- INTRODUCTION
- ROLE
- PROFESSIONALISM
- AUTHORITY
- ORGANIZATION
- INDEPENDENCE AND OBJECTIVITY
- RESPONSIBILITY
- INTERNAL AUDIT PLAN
- REPORTING AND MONITORING
- QUALITY ASSURANCE AND IMPROVEMENT PROGRAM
The purpose of the Internal Audit Department (Internal Audit) is to provide independent and objective assurance and consulting services designed to add value and improve the operations of The Ohio State University. The mission of Internal Audit is to enhance and protect organizational value by providing risk-based and objective assurance, advice, a...
Internal Audit is established by the Board of Trustees (hereafter referred to as the Board). Internal Audit’s responsibilities are defined by the Board as part of their oversight role.
Internal Audit will govern itself by adherence to the mandatory elements of The Institute of Internal Auditors' International Professional Practices Framework, including the Core Principles for the Professional Practice of Internal Auditing, the Definition of Internal Auditing, the Code of Ethics, and the International Standards for the Professiona...
Internal Audit, with strict accountability for confidentiality and safeguarding records and information, is authorized full, free, and unrestricted access to any and all university records, physical properties, and personnel pertinent to carrying out any engagement. All employees are required to assist the internal audit activity in fulfilling its ...
The chief audit executive (Director) will report functionally to the Board’s Legal, Audit, Risk and Compliance Committee and to the university president and administratively (i.e., day to day operations) to the senior vice president for business and finance. The Legal, Audit, Risk and Compliance Committee will: Approve the internal audit charte...
The Director will ensure that Internal Audit remains free from interference by any element in the organization, including matters of audit selection, scope, procedures, frequency, timing, or report content to permit maintenance of a necessary independent and objective mental attitude. If the Director determines that independence or objectivity ma...
The scope of Internal Audit encompasses, but is not limited to, the examination and evaluation of the adequacy and effectiveness of the organization's governance, risk management, and internal controls as well as the quality of performance in carrying out assigned responsibilities to achieve the organization’s stated goals and objectives. This incl...
At least annually, the Director will submit to senior management and the Legal, Audit, Risk and Compliance Committee an internal audit plan for review and approval. The internal audit plan will consist of a work schedule as well as budget and resource requirements for the next fiscal/calendar year. The Director will communicate the impact of resour...
A written report will be prepared and issued by the Director or designee following the conclusion of each internal audit engagement and will be distributed as appropriate. Internal Audit results will also be communicated to the Legal, Audit, Risk and Compliance Committee. The internal audit report may include management’s response and corrective ...
Internal Audit activity will maintain a quality assurance and improvement program that covers all aspects of the internal audit activity. The program will include an evaluation of Internal Audit’s conformance with the Definition of Internal Auditing and the Standards and an evaluation of whether internal auditors apply the Code of Ethics. The progr...
Feb 14, 2024 · An internal audit charter is a written document that outlines an internal audit department's purpose, authority, and responsibilities. Let's explore the essential purposes of an internal audit charter in points.
Learn the vital elements of an internal audit charter, its purpose, & requirements. Discover key components for effective internal audit charter implementation.
Internal Audit furnishes the Audit Committee and Subsidiary Boards with analyses, appraisals, recommendations, counsel and information concerning the activities reviewed and by promoting effective control and sound business practices.
