SECTION B DEFINITION, PURPOSE, INDEPENDENCE AND NATURE OF WORK OF INTERNAL AUDIT

Size: px
Start display at page:

Download "SECTION B DEFINITION, PURPOSE, INDEPENDENCE AND NATURE OF WORK OF INTERNAL AUDIT"

Transcription

1 SECTION B DEFINITION, PURPOSE, INDEPENDENCE AND NATURE OF WORK OF INTERNAL AUDIT Through CGIAR Financial Guideline No 3 Auditing Guidelines Manual the CGIAR has adopted the IIA Definition of internal auditing as set out in the IIA Standards, as well as the principles of independence, authorities and responsibilities in the Standards. Overall Definition 1 Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organizationʹs operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Definition of Assurance and Consulting Services 1 Assurance services involve the internal auditorʹs objective assessment of evidence to provide an independent opinion or conclusions regarding an entity, an operation, a function, a process, system or other subject matter. The nature and scope of the assurance engagement are determined by the internal auditor. There are generally three parties involved in assurance services: (1) the person or group directly involved with the entity, operation, function, process, system or other subject matter the process owner, (2) the person or group making the assessment the internal auditor, and (3) the person or group using the assessment the user. Consulting services are advisory in nature, and are generally performed at the specific request of an engagement client. The nature and scope of the consulting engagement are subject to agreement with the engagement client. Consulting services generally involve two parties: (1) the person or group offering the advice the internal auditor, and (2) the person or group seeking and receiving the advice the engagement client. When performing consulting services the internal auditor should maintain objectivity and not assume management responsibility. 1 Extract from Introduction to the IIA Standards Version: July 31, 2009 Page B: 1

2 Ref. Policy and Practice Requirements IIA Standards and Other References B 1 Policy: The purpose, authority, responsibility and reporting lines of the internal auditing function shall be formally defined with each Center, consistent with the definition of internal Auditing. This should be done via a written Internal Audit Charter for each Center agreed by management, endorsed by the Board of Trustees Audit Committee and approved by the full Board. The Internal Audit Charter shall (a) establish the internal audit activity s position and independence within the Center; (b) authorize access to records, personnel and physical properties relevant to the performance of engagements; and (c) define the scope of internal audit activities. The Internal Audit Charter shall recognize the adoption and mandatory nature of the IIA s International Professional Practices Framework (IPPF), comprising the Definition of Internal Auditing, the Code of Ethics, and the Standards in the Internal Audit Charter. The Head of Internal Audit for the Center shall periodically review the Charter to ensure that it remains appropriate and in line with the IIA Standards. Amendments should be agreed with management, endorsed by the Board of Trustees Audit Committee and approved by the full Board. A standard template for a Center Internal Audit Charter has been prepared by the CGIAR IAU, and is appended to a Good Practice Note on Internal Audit Charters. Standard 1000 Purpose, Authority and Responsibility The purpose, authority and responsibility of the internal audit activity must be formally defined in the internal audit charter, consistent with the Standards, and approved by the board. Standard 1000.A1 Purpose, Authority and Responsibility The nature of assurance services provided to the organization must be defined in the internal audit charter. Standard 1000.C1 Purpose, Authority and Responsibility The nature of consulting services must be defined in the internal audit charter. Standard 1010 Recognition of the Definition of Internal Auditing, the Code of Ethics, and the Standards in the Internal Audit Charter The mandatory nature of the Definition of Internal Auditing, the Code of Version: July 31, 2009 Page B: 2

3 This draws on existing good practice within the CGIAR Centers, the IIA Standards and Practice Advisories, and also other external guidance researched by the CGIAR IAU. All pre existing Center Internal Audit Charters, where they exist, shall be reviewed against this template, and where appropriate recommendations made to the Center for amendment to bring these substantively into line with the template. Where Charters have not been in place, a proposed Charter shall be submitted to the Center for approval. In implementing any changes associated with the new Standard 1010 which came into force from the beginning of 2009 with the launch of the new IPPF, the Head of Internal Audit should explain the IPPF with senior management and the Audit Committee at the time changes are proposed. Ethics, and the Standards must be recognized in the internal audit charter. The chief audit executive should discuss the Definition of Internal Auditing, the Code of Ethics, and the Standards with senior management and the board Practice Advisory 1000 Internal Audit Charter B 2 Policy: Assurance engagements shall be those which are primarily undertaken to verify or validate the status of internal controls or other risk mitigations, to verify financial information, or to confirm the effective implementation of certain defined activities or arrangements. They include validations performed under ISO audits or as mandated in project agreements. Internal audit will also normally make recommendations for improvements where the need for this is identified in the course of these engagements. B 3 Policy: Consulting (or advisory) engagements shall be other engagements which are primarily undertaken to: Version: July 31, 2009 Page B: 3

4 provide advice on internal controls or other risk mitigations during the design phase of a new system or organization provide advice on draft policies, procedures or guidelines provide probity audit services on the acquisition and implementation of major new systems facilitate the identification by management and staff of the key risks to the organization, the assessment of those risks and the identification and assessment of internal controls and other mitigations for the risks research external practice with a view to providing advice to management and staff on systems of internal control or other risk mitigation for particular aspects of operations, where these are not yet in place in the organization coordinate surveys of or self assessments by management or staff on various topics relevant to the governance, accountability and risk management of the organization provide explanations and clarifications of applicability of accounting, auditing, compliance, or other standards under various scenarios raise awareness and train managers and staff on such topics as risk management, internal control, accounting or auditing provide advice to various management committees B 4 Policy: Consulting activities shall be agreed with management in such a way that: a) it is clear that the internal auditor will have no decision making responsibilities regarding policies, managing Practice Advisory Individual Objectivity, para 4 Standard 2110.C1 Version: July 31, 2009 Page B: 4

5 organizational risks, implementing internal controls, revisions to organization structure or staffing, accounting classifications or approval of transactions; and b) the activities are carried out consistently with the overall values and goals of the Center. Governance Consulting engagement objectives must be consistent with the overall values and goals of the organization. Consulting activities should not be confused with secondments to non audit activities. If they are to be Internal Audit consultancies, the principles of audit independence need to be maintained Consulting advice provided by internal auditors should be fully consistent not only with both Center internal values and goals, and ethics policies, but also applicable laws and reasonable expectations of stakeholders for publicly funded international organizations. Advice should not include information on how to circumvent these expectations, and should promote their full adherence. B 5 Policy: The Center s Internal Audit Charter shall provide for the following independence elements: a) the Charter and any updates are approved by the Board. b) the Head of Internal Audit for the Center shall report directly to both the Director General of the Center, and also to the Board of Trustees, through the Audit Committee. c) The Head of Internal Audit shall not normally have responsibilities additional to those relevant to internal audit activity. Standard 1100 Independence and Objectivity The internal audit activity must be independent, and internal auditors must be objective in performing their work. Standard 1110 Organizational Independence The chief audit executive must report to a level within the organization that Version: July 31, 2009 Page B: 5

6 d) The Head of Internal Audit shall be free to determine the scope of and manner in which the internal audit work shall be carried out, and for the contents of internal audit reports issued e) The Board, through the Audit Committee, shall be the responsible body to review and approve the appointment and removal of the Head of Internal Audit, the overall organization and budget arrangements for the internal audit activity, and the annual and medium term internal audit work plans allows the internal audit activity to fulfill its responsibilities. Standard 1110.A1 Organizational Independence The internal audit activity must be free from interference in determining the scope of internal auditing, performing work, and communicating results. Practice Advisory Organizational Independence Standard 1111 Direct Interaction With the Board The chief audit executive must communicate and interact directly with the board. Practice Advisory Board Interaction B 5:1 B 5:2 Practice Requirement: Reports of all assurance and consulting engagements shall normally be addressed to the Director General. Alternatively, summary reports of the results of such engagements should be periodically made to the Director General. Practice Requirement: Reports of all assurance and consulting engagements shall normally be available to members of the Audit Committee and other Board members. Each Center has its own arrangements (e.g. on request, posted to Board website) Version: July 31, 2009 Page B: 6

7 B 5:3 Practice Requirement: Six monthly and/or annual activity reports, summarizing the assurance and consulting activities and other aspects of the operation and performance of the internal audit function shall be made to the Director General and the Audit Committee, ahead of the Audit Committee meetings. This will provide an input into the evaluation of the internal audit activity by the Audit Committee. Whenever possible, the Head of Internal Audit or another senior auditor in her/his absence should physically attend Audit Committee meetings, for all sessions except those designated as closed sessions by the Committee e.g. private sessions with the external auditor, discussion of internal audit performance. Audit Committee agendas should at least annually include a confidential session with the Head of Internal Audit as a routine item. This can be promoted through reviews of the Audit Committee Terms of Reference and agendas. Summary reports presented to the Audit Committee should be available to all Board members, as part of the Board meeting information package. This is normal practice among Center Boards, wherein all papers for standing committees are provided to all members for their information. The CGIAR IAU Good Practice Note on Audit Committee Terms of Reference provides guidance on the terms of reference and meeting agenda to promote the communication between the Head of Version: July 31, 2009 Page B: 7

8 Internal Audit and the Audit Committee. B 6 Policy: Internal auditors shall not be assigned functions which might impair, or give the appearance of impairment of, their objectivity and independence. Standard 1120 Individual Objectivity Internal auditors must have an impartial, unbiased attitude and avoid any conflict of interest. Practice Advisory Individual Objectivity B 6:1 Practice Requirement: The Head of Internal Audit shall not assign an internal auditor to an assurance engagement where the internal auditor may have a potential or actual impairment of activity. Such engagements may include audits in areas where the internal auditor: was recently assigned non audit responsibilities; has a relative or close associate in a managerial or other key staff positions; may be seen as having a bias against persons in managerial or other key staff positions. Internal auditors may be assigned to provide staff support to other independent, external reviewers such as external auditors, CCER and EPMR teams. In such cases the internal auditor will be considered to be on secondment and will work under the direction of the external reviewers. However in such cases the assignment will not be considered an internal audit product, but rather a nonaudit support product. Internal auditors will inform the Head of Internal Audit of any situation where there may be a potential or actual impairment of Standard 1130.A1 Impairment to Independence and Objectivity Internal auditors must refrain from assessing specific operations for which they were previously responsible. Objectivity is presumed to be impaired if an internal auditor provides assurance services for an activity for which the internal auditor had responsibility within the previous year. Standard 1130 Impairment to Independence or Objectivity If independence or objectivity is impaired in fact or appearance, the details of the impairment must be disclosed to appropriate parties. The nature of the disclosure will depend upon the impairment. Version: July 31, 2009 Page B: 8

9 objectivity related to their assignment to particular audits. In such cases the Head of Internal Audit will determine if this is significant enough to avoid any assignment of the internal auditor to such engagements, and discuss this with the auditee management. If the impairment is not deemed sufficient to void the assignment, this will still be discussed with the audit client management In some cases, with the agreement of the Director General, an internal auditor may be seconded within the Center to undertake non audit functions. In such cases where the secondment is for longer than one week, the internal auditor will not be assigned to undertake assurance engagements related to the non audit functions in the following 12 months. However the internal auditor may be assigned consulting assignments within that period as well as after. In unusual situations, Center management may request the Head of Internal Audit or other internal audit staff to undertake, for an extended period, non audit functions to help with a particular situation facing the Center. In such cases, alternative arrangements should be agreed for internal audit assurance coverage of the area for at least 12 months after such secondment. This may be obtained through the CGIAR IAU or another Center internal auditor. Alternatively it may be agreed with the external auditor to increase its assurance coverage of the area as a substitute for internal audit coverage, if the secondment relates to financial accounting functions. o Where a staff member is recruited into internal audit, or is seconded to internal audit, from a line function, they will not Standard 1130.C1 Impairment to Independence and Objectivity Internal auditors may provide consulting services relating to operations for which they had previous responsibilities. Standard 1130.C2 Impairment to Independence and Objectivity If internal auditors have potential impairments to independence or objectivity relating to proposed consulting services, disclosure must be made to the engagement client prior to accepting the engagement. Practice Advisory Impairment to Independence or Objectivity Practice Advisory 1130.A1 1 Assessing Operations for which Internal Auditors were Previously Responsible Practice Advisory 1130.A2 1 Internal Audit s Responsibility for Other (Non Audit) Functions Version: July 31, 2009 Page B: 9

10 be assigned to undertake assurance engagements related to their previous functions in the following 12 months. o o However non audit staff may accompany internal auditors in the audits of areas they supervise or have some oversight responsibility (e.g. Headquarters Corporate Services staff accompanying internal auditors on regional office audits). In such cases the overall responsibility for the audit scope, procedures, and reporting, must remain with the internal auditor. In the case of recurrent audits, where possible, an internal auditor should not be assigned the same assurance engagement more than twice, before another internal auditor is assigned to carry out the audit. If this is difficult to implement, the quality assurance review should at least be rotated. B 6:2 Practice Requirement: Internal auditors may recommend standards of control but should not be responsible for their detailed design, installation, instructions or operation. Practice Advisory Individual Objectivity, para 4 B 6:3 Practice Requirement: Assurance reviews of the internal audit activity will be carried out independently of the Head of Internal Audit or audit team who are responsible for that activity. However these reviews may be undertaken by the CGIAR IAU or another Center Head of Internal Audit in the case of Center internal audit activities. Standard 1130.A2 Impairment to Independence or Objectivity Assurance engagements for functions over which the chief audit executive has responsibility must be overseen by a party outside the internal audit activity. Version: July 31, 2009 Page B: 10

11 B 7 Policy: Internal Auditors shall not accept personal fees, gifts or entertainment from auditees, partners, contractors or others that are subject to assurance reviews, when these exceed those of minimal value which are provided to all staff and visitors, or which exceed the normal hospitality guidelines of the Centers. Practice Advisory Impairments to Independence or Objectivity, para 4 Internal auditors may accept normal hospitality available to other staff or visitors such as refreshments. A rule of thumb for accepting other types of hospitality is one paid for dinner per engagement. Location should be considered when determining what is reasonable hospitality e.g. it may be usual for all official visitors to certain regional or project offices to be provided with lunch. Internal auditors may accept promotional items normally available to other staff or visitors. Where the internal auditor feels that the hospitality seems over and above that normally provided to other staff or visitors, they should politely decline or request that they pay for such hospitality. Internal auditors may not accept gifts from partners, contractors or others who may be the subject to assurance reviews when these are above the value of Center gift policies. However, if declining such high value gifts will be problematic the internal auditor must report them to the Head of Internal Audit and the relevant manager in the Center for disposition in accordance with the Center s policies. Version: July 31, 2009 Page B: 11

12 B 8 Policy: The results of internal audits shall be reviewed by the Head of Internal Audit or another reviewer before the related audit report is released, to provide reasonable assurance that the underlying audit work was performed objectively. Practice Advisory Individual Objectivity, para 4 B.9 Policy: The scope of the internal audit activity shall encompass the evaluation (either directly, or through review of other experts assessments) of the Center s risks related to: Reliability and integrity of financial and operational information. Adequacy and effectiveness of accounting, financial and operational controls. Effectiveness and efficiency of operations. Safeguarding of assets; and Compliance with laws, policies, regulations, and contracts. Standard 2100 Nature of Work The internal audit activity must evaluate and contribute to the improvement of governance, risk management and control processes using a systematic and disciplined approach. B 9:1 Practice Requirement: The overall internal audit work plan should ensure coverage at enterprise level of these aspects. Terms of reference of individual assurance engagements should, where applicable, include these elements in the audit objectives and scope. As part of the planning for all engagements, internal auditors should ascertain the Center s objectives and goals related to the area under review. As part of the planning for all engagements, internal auditors should Version: July 31, 2009 Page B: 12

13 consider actual or potential changes in internal or external conditions which may affect the relevance or effectiveness of existing controls in place. The auditee should be asked about such changes as part of the audit planning process, and this should be reflected in the audit engagement terms of reference. Lack of clarity of objectives and goals may be an important audit finding. B 10 Policy: The scope of internal audit activity shall encompass the evaluation of the effectiveness, and facilitation for improvement, of the Center s risk management system. Standard 2100 Nature of Work The internal audit activity must evaluate and contribute to the improvement of governance, risk management and control processes using a systematic and disciplined approach. Standard 2120 Risk Management The internal audit activity must evaluate the effectiveness and contribute to the improvement of risk management processes. B 10:1 Practice Requirement: The annual internal audit work program for a Center should include provision for evaluating the effectiveness of the organizationʹs risk management system (assurance engagement). This may be supplemented by consulting engagements for the facilitation of the implementation of the system through Standard 2120.A1 Risk Management The internal audit activity must evaluate risk exposures relating to the organizationʹs governance, operations, and information systems Standard 2120.C1 Risk Management During consulting engagements, internal auditors must address risk consistent with Version: July 31, 2009 Page B: 13

14 workshops and discussions with Center managers and staff, and advice at operating unit level on the preparation of risk assessments. Such consultant shall not include responsibility for managing risks. The evaluation of the risk management system shall cover risk identification, assessment and the evaluation and validation of risk mitigations. The Head of Internal Audit shall provide the Director General and the Board (through the Audit Committee and any other Committee established by the Board to monitor the Center s enterprise risks) with periodic reports on the results of the internal audit evaluation. The CGIAR IAU Good Practice Note on Enterprise Risk Management provides benchmarks for the implementation by Centers of enterprise risk management systems. The Note also includes an inventory of typical enterprise risks of the Centers which can be used to evaluate the completeness of Center analyses. During their evaluations, internal auditors should draw on their knowledge of Center risk and mitigation obtained during other assurance and consulting engagements in the Center, and in other Centers. Further guidance on reviewing risk management systems, including the use of other experts assessments and evaluations, is provided in Section H.2 of this Manual. B 11 Policy: The scope of the internal audit activity shall encompass the evaluation of the design and effectiveness of the Center s internal controls the engagementʹs objectives and be alert to the existence of other significant risks. Standard 2120.C2 Risk Management Internal auditors must incorporate knowledge of risks gained from consulting engagements into their evaluation of the organization s risk management processes. Standard 2120.C3 Risk Management When assisting management in establishing or improving risk management processes, internal auditors must refrain from assuming any management responsibility by actually managing risks. Standard 2100 Nature of Work The internal audit activity must evaluate and contribute to the improvement of governance, risk Version: July 31, 2009 Page B: 14

15 B 11:1 Practice Requirement: The annual internal audit work program for a Center shall include provision for evaluating, in the areas to be covered in the work program, the key controls are identified in risk evaluations as key risk mitigators (assurance engagements). This should take account of any non internal audit assurance coverage, such as by external auditors or experts in operational areas. In considering internal controls, internal auditors should consider the range of elements in the COSO Framework of Internal Control, which has been adopted by the CGIAR. Assurance engagement terms of reference should indicate, in the scope section, the coverage based on the COSO Framework of Internal Control elements. The evaluation of internal controls will cover both the design and effective implementation of the controls. In reviewing the design of controls, the internal auditor should develop a normative model or set of benchmarks management and control processes using a systematic and disciplined approach. Standard 2130 Control The internal audit activity must assist the organization in maintaining effective controls by evaluating their effectiveness and efficiency and by promoting continuous improvement. Standard 2130.A1 Control the internal audit activity must evaluate the adequacy and effectiveness of controls in responding to risks within the organizationʹs governance, operations, and information systems. Standard 2130.A2 Control Internal auditors should ascertain the extent to which operating and program goals and objectives have been established and conform to those of the organization. Standard 2130.A3 Control Internal auditors should review operations and programs to ascertain the extent to which results are consistent with established goals and objectives to determine whether operations and programs are being implemented or Version: July 31, 2009 Page B: 15

16 against which the current control system can be compared. In reviewing the effective implementation of controls, the internal auditor should conduct sufficient testing to obtain adequate assurance. The Head of Internal Audit should provide the Director General and the Board (through the Audit Committee and any other Committee established by the Board to monitor the Center s enterprise risks) with periodic reports on the results of evaluations of internal controls. The Control Environment is one of the five essential components of an effective internal control system, according to the COSO Framework of Internal Control, as it establishes the foundation for the internal control system by providing fundamental discipline and structure. Control environment factors include the integrity, ethical values and competence of the Center s staff; Center managementʹs philosophy and operating style; the way management assigns authority and responsibility, and organizes and develops its people; and the attention and direction provided by the Board of Trustees. Centers policy and procedure manuals provide benchmarks for evaluating internal controls. Assessment of compliance with such manuals will form an integral part of internal audits of internal controls. Such manuals should be identified and reviewed as part of the planning phase of audits of internal controls. Non compliance with Center manuals may indicate deficiencies in the manuals, rather than defects in controls. The CGIAR IAU produces Good Practice Notes on selected topics which provide performed as intended. Standard 2210.A3 Engagement Objectives Adequate criteria are needed to evaluate controls. Internal auditors must ascertain the extent to which management has established adequate criteria to determine whether objectives and goals have been accomplished. If adequate, internal auditors must use such criteria in their evaluation. If inadequate, internal auditors must work with management to develop appropriate evaluation criteria. Standard 2120.C1 Risk Management During consulting engagements, internal auditors must address controls consistent with the engagementʹs objectives and be alert to the existence of any significant control weaknesses. Standard 2120.C2 Risk Management Internal auditors must incorporate knowledge of controls gained from consulting engagements into their evaluation of the Version: July 31, 2009 Page B: 16

17 independent benchmarks for evaluating internal controls in key aspects of Center operations. organization s risk management processes. Internal auditors should draw on their knowledge of Center internal controls obtained during other assurance and consulting engagements in the Center, and in other Centers. Internal audit might consider using facilitated Control Self Assessment (CSA) techniques to review with management and staff the adequacy if internal controls. Control Self Assessment (CSA) can be defined simply as the involvement of management and staff in assessing the system of internal control within their work group. There are a number of ways to accomplish this purpose, from highly interactive workshops based on behavioral models at one end of the spectrum to prepackaged self auditing internal control questionnaires on the other end, and a number of techniques in between. Internal auditors interested in conducting facilitated self assessment sessions require the following: (a) A thorough understanding of the principles of CSA. (b) The use of a control framework such as COSO for evaluation. (c) An explicit use of risk assessment in the evaluation. (d) Best practices gained from implementation efforts of others. (e) Teamwork, change management and facilitation skills. (f) An understanding of both ʺlowtechʺ and ʺhigh techʺ supports for CSA. Version: July 31, 2009 Page B: 17

18 Guidance on reviewing other experts assessments and evaluations of internal control is provided in Section H.2 of this Manual. B 12 Policy: The scope of the internal audit activity shall encompass the assessment of the Center s overall enterprise governance processes Standard 2100 Nature of Work The internal audit activity must evaluate and contribute to the improvement of governance, risk management and control processes using a systematic and disciplined approach. Standard 2110 Governance: The internal audit activity must assess and make appropriate recommendations for improving the governance process. Standard A1 Governance The internal audit activity must evaluate the design, implementation, and effectiveness of the organizationʹs ethics related objectives, programs and activities. B 12:1 Practice Requirements: In assessing the Center s overall enterprise governance processes, internal auditors should consider the processes relating to: Promoting appropriate ethics and values within the Center. Ensuring effective organizational Version: July 31, 2009 Page B: 18

19 performance management and accountability. Effectively communicating risk and control information to appropriate areas of the Center. Providing communication channels to staff to raise concerns when they believe laws and policies are not being observed by Center management, including confidential channels where they feel management is not acting appropriately on such concerns or is promoting such non compliance. Effectively coordinating the activities of and communicating information among the Board, external and internal auditors and management. Further detailed guidance on the assessment of governance processes is provided in section H.1 B 13 Policy: The scope of the internal audit activity shall encompass the assessment of the Center s information technology governance. IT governance comprises the management processes to direct, measure and evaluate the use of an enterpriseʹs IT resources in support of the achievement of the organization s strategic goals. Leadership, organizational structure and processes are used to leverage IT resources to produce the information required and drive the alignment, delivery of value, management of risk, optimized use of resources, sustainability and the management of performance. Standard 2110.A2 Governance The internal audit activity must assess whether the information technology governance of the organization sustains and supports the organization s strategies and objectives. Version: July 31, 2009 Page B: 19

20 B 13:1 Practice Requirement: In assessing the Center s IT governance processes, internal auditors should consider the processes relating to evaluating, directing and monitoring information technology activities. ISO/IEC recommends that directors should govern IT through 3 main tasks evaluating, directing and monitoring. The ISACA COBIT and Val IT frameworks are an authoritative source of criteria for effective IT governance across these tasks. Version: July 31, 2009 Page B: 20

INTERNAL AUDIT CHARTER AND TERMS OF REFERENCE

INTERNAL AUDIT CHARTER AND TERMS OF REFERENCE INTERNAL AUDIT CHARTER AND TERMS OF REFERENCE CHARTERED INSTITUTE OF INTERNAL AUDIT DEFINITION OF INTERNAL AUDIT Internal auditing is an independent, objective assurance and consulting activity designed

More information

INTERNATIONAL STANDARDS FOR THE PROFESSIONAL PRACTICE OF INTERNAL AUDITING (STANDARDS)

INTERNATIONAL STANDARDS FOR THE PROFESSIONAL PRACTICE OF INTERNAL AUDITING (STANDARDS) INTERNATIONAL STANDARDS FOR THE PROFESSIONAL PRACTICE OF INTERNAL AUDITING (STANDARDS) Introduction to the International Standards Internal auditing is conducted in diverse legal and cultural environments;

More information

INTERNATIONAL STANDARDS FOR THE PROFESSIONAL PRACTICE OF INTERNAL AUDITING (STANDARDS)

INTERNATIONAL STANDARDS FOR THE PROFESSIONAL PRACTICE OF INTERNAL AUDITING (STANDARDS) INTERNATIONAL STANDARDS FOR THE PROFESSIONAL PRACTICE OF INTERNAL AUDITING (STANDARDS) Revised: October 2012 i Table of contents Attribute Standards... 3 1000 Purpose, Authority, and Responsibility...

More information

Standards for the Professional Practice of Internal Auditing

Standards for the Professional Practice of Internal Auditing Standards for the Professional Practice of Internal Auditing THE INSTITUTE OF INTERNAL AUDITORS 247 Maitland Avenue Altamonte Springs, Florida 32701-4201 Copyright c 2001 by The Institute of Internal Auditors,

More information

PRACTICE ADVISORIES FOR INTERNAL AUDIT

PRACTICE ADVISORIES FOR INTERNAL AUDIT Société Française de Réalisation, d'etudes et de Conseil Economics and Public Management Department PRACTICE ADVISORIES FOR INTERNAL AUDIT Tehnical Assistance to the Ministry of Finance for Development

More information

Internal Auditing Guidelines

Internal Auditing Guidelines Internal Auditing Guidelines Recommendations on Internal Auditing for Lottery Operators Issued by the WLA Security and Risk Management Committee V1.0, March 2007 The WLA Internal Auditing Guidelines may

More information

Internal Audit Standards

Internal Audit Standards Internal Audit Standards Department of Public Expenditure & Reform November 2012 Copyright in material supplied by third parties remains with the authors. This includes: - the Definition of Internal Auditing

More information

Effective Internal Audit in the Financial Services Sector

Effective Internal Audit in the Financial Services Sector Effective Internal Audit in the Financial Services Sector Recommendations from the Committee on Internal Audit Guidance for Financial Services: How They Relate to the Global Institute of Internal Auditors

More information

BOARD OF EDUCATION OF BALTIMORE COUNTY OFFICE OF INTERNAL AUDIT - OPERATIONS MANUAL INTERNAL AUDIT OPERATIONS MANUAL

BOARD OF EDUCATION OF BALTIMORE COUNTY OFFICE OF INTERNAL AUDIT - OPERATIONS MANUAL INTERNAL AUDIT OPERATIONS MANUAL BOARD OF EDUCATION OF BALTIMORE COUNTY INTERNAL AUDIT OPERATIONS MANUAL BACKGROUND The Office of Internal Audit Operations Manual was developed to be used as a guide and resource for the Office of Internal

More information

EUROPEAN CONFEDERATION OF INSTITUTES OF INTERNAL AUDITING (IVZW)

EUROPEAN CONFEDERATION OF INSTITUTES OF INTERNAL AUDITING (IVZW) EUROPEAN CONFEDERATION OF INSTITUTES OF INTERNAL AUDITING (IVZW) Phil Tarling PRESIDENT Carolyn Dittmeier VICE PRESIDENT Head Office: c/o IIA Belgium Koningstraat 109-111, bus 5 - B-1000 Brussels (Belgium)

More information

Internal Audit Charters

Internal Audit Charters Internal Audit Charters Part of a series of notes to help Centers review their own internal management processes from the point of view of managing risks and promoting good governance and value for money,

More information

Quality Assurance Checklist

Quality Assurance Checklist Internal Audit Foundations Standards 1000, 1010, 1100, 1110, 1111, 1120, 1130, 1300, 1310, 1320, 1321, 1322, 2000, 2040 There is an Internal Audit Charter in place Internal Audit Charter is in place The

More information

INTERNAL AUDIT FRAMEWORK

INTERNAL AUDIT FRAMEWORK INTERNAL AUDIT FRAMEWORK April 2007 Contents 1. Introduction... 3 2. Internal Audit Definition... 4 3. Structure... 5 3.1. Roles, Responsibilities and Accountabilities... 5 3.2. Authority... 11 3.3. Composition...

More information

III-11 Internal Audit in banks

III-11 Internal Audit in banks III-11 Internal Audit in banks Internal Audit in banks 1 Directive by virtue of section 15 of the State Ordinance on the Supervision of the Credit System on the Internal Audit in banking organizations.

More information

1. This bulletin, which contains the Charter of the Office of Internal Oversight Services (IOS) of

1. This bulletin, which contains the Charter of the Office of Internal Oversight Services (IOS) of UNIDO/DGB/(M).92/Rev.3 28 January 2015 Distribution: All staff members at headquarters, established offices and permanent missions 1. This bulletin, which contains the Charter of the Office of Internal

More information

AUDIT COMMITTEE CHARTER

AUDIT COMMITTEE CHARTER AUDIT COMMITTEE CHARTER Purpose The Audit Committee ( Committee ) shall assist the Board of Directors (the Board ) in the oversight of (1) the integrity of the financial statements of the Company, (2)

More information

INTERNAL AUDIT MANUAL

INTERNAL AUDIT MANUAL དང ལ ར ས ལ ན ཁག Internal Audit Manual INTERNAL AUDIT MANUAL Royal Government of Bhutan 2014 i i ii ii Internal Audit Manual དང ལ ར ས ལ ན ཁག ROYAL GOVERNMNET OF BHUTAN MINISTRY OF FINANCE TASHICHHO DZONG

More information

Professional Development for Engagement Partners Responsible for Audits of Financial Statements (Revised)

Professional Development for Engagement Partners Responsible for Audits of Financial Statements (Revised) IFAC Board Exposure Draft August 2012 Comments due: December 11, 2012 Proposed International Education Standard (IES) 8 Professional Development for Engagement Partners Responsible for Audits of Financial

More information

1.1 Terms of Reference Y P N Comments/Areas for Improvement

1.1 Terms of Reference Y P N Comments/Areas for Improvement 1 Scope of Internal Audit 1.1 Terms of Reference Y P N Comments/Areas for Improvement 1.1.1 Do Terms of Reference: a) Establish the responsibilities and objectives of IA? b) Establish the organisational

More information

The Institute of Internal Auditors 247 Maitland Avenue Altamonte Springs, FL 32701-4201 USA

The Institute of Internal Auditors 247 Maitland Avenue Altamonte Springs, FL 32701-4201 USA INTERNATIONAL Professional Practices Framework (IPPF) Disclosure Copyright 2009 by The Institute of Internal Auditors Research Foundation (IIARF), 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201.

More information

Public Sector Internal Audit Standards. Applying the IIA International Standards to the UK Public Sector

Public Sector Internal Audit Standards. Applying the IIA International Standards to the UK Public Sector Public Sector Internal Audit Standards Applying the IIA International Standards to the UK Public Sector Issued by the Relevant Internal Audit Standard Setters: In collaboration with: Public Sector Internal

More information

The IIA Standards: The IPPF Framework

The IIA Standards: The IPPF Framework The IIA Standards: The IPPF Framework S P E A K E R : D O T T. R O B E R TO R O S ATO C O U R S E O F B U S I N E S S A U D I T I N G U N I V E R S I T Y O F R O M E T O R V E R G A T A D E C E M B E R

More information

INTERNATIONAL STANDARD ON AUDITING 260 COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE CONTENTS

INTERNATIONAL STANDARD ON AUDITING 260 COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE CONTENTS INTERNATIONAL STANDARD ON AUDITING 260 COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph

More information

Practice Guide COORDINATING RISK MANAGEMENT AND ASSURANCE

Practice Guide COORDINATING RISK MANAGEMENT AND ASSURANCE Practice Guide COORDINATING RISK MANAGEMENT AND ASSURANCE March 2012 Table of Contents Executive Summary... 1 Introduction... 1 Risk Management and Assurance (Assurance Services)... 1 Assurance Framework...

More information

Audit, Risk Management and Compliance Committee Charter

Audit, Risk Management and Compliance Committee Charter Audit, Risk Management and Compliance Committee Charter Woolworths Limited Adopted by the Board on 27 August 2013 page 1 1 Introduction This Charter sets out the responsibilities, structure and composition

More information

INTERNAL AUDITING POLICIES AND PROCEDURES MANUAL

INTERNAL AUDITING POLICIES AND PROCEDURES MANUAL INTERNAL AUDITING POLICIES AND PROCEDURES MANUAL 2 TABLE OF CONTENTS Contents A. INTERNAL AUDIT OVERVIEW... 5 A.1 RATIONALE... 5 A-2 CHARTER... 5 A-3 MISSION STATEMENT, OBJECTIVES AND VALUES... 9 A-3.1

More information

Internal Audit Quality Assessment. Presented To: World Intellectual Property Organization

Internal Audit Quality Assessment. Presented To: World Intellectual Property Organization Internal Audit Quality Assessment Presented To: World Intellectual Property Organization April 2014 Table of Contents List of Acronyms 3 Page Executive Summary Opinion as to Conformance to the Standards,

More information

Audit manual PART ONE REGULATION. Table of content

Audit manual PART ONE REGULATION. Table of content INTERNAL AUDIT MANUAL - Part One Audit manual PART ONE REGULATION Table of content 1. INTRODUCTION...ERROR! BOOKMARK NOT DEFINED. 2. LAW ON INTERNAL AUDIT IN THE PUBLIC SECTORERROR! BOOKMARK NOT DEFINED.

More information

INTERNAL AUDITING S ROLE IN SECTIONS 302 AND 404

INTERNAL AUDITING S ROLE IN SECTIONS 302 AND 404 INTERNAL AUDITING S ROLE IN SECTIONS 302 AND 404 OF THE U.S. SARBANES-OXLEY ACT OF 2002 May 26, 2004 Copyright 2004 by, 247 Maitland Avenue, Altamonte Springs, Florida, 32701-4201, USA Internal Auditing

More information

IIA Position Paper: THE THREE LINES OF DEFENSE IN EFFECTIVE RISK MANAGEMENT AND CONTROL

IIA Position Paper: THE THREE LINES OF DEFENSE IN EFFECTIVE RISK MANAGEMENT AND CONTROL IIA Position Paper: THE THREE LINES OF DEFENSE IN EFFECTIVE RISK MANAGEMENT AND CONTROL JANUARY 2013 TABLE OF CONTENTS Introduction... 1 Before the Three Lines: Risk Management Oversight and Strategy-Setting...

More information

Guidance Note: Corporate Governance - Board of Directors. March 2015. Ce document est aussi disponible en français.

Guidance Note: Corporate Governance - Board of Directors. March 2015. Ce document est aussi disponible en français. Guidance Note: Corporate Governance - Board of Directors March 2015 Ce document est aussi disponible en français. Applicability The Guidance Note: Corporate Governance - Board of Directors (the Guidance

More information

The Procter & Gamble Company Board of Directors Audit Committee Charter

The Procter & Gamble Company Board of Directors Audit Committee Charter The Procter & Gamble Company Board of Directors Audit Committee Charter I. Purposes. The Audit Committee (the Committee ) is appointed by the Board of Directors for the primary purposes of: A. Assisting

More information

Application of King III Corporate Governance Principles

Application of King III Corporate Governance Principles APPLICATION of KING III CORPORATE GOVERNANCE PRINCIPLES 2013 Application of Corporate Governance Principles This table is a useful reference to each of the principles and how, in broad terms, they have

More information

INTERNATIONAL STANDARD ON AUDITING 200 OBJECTIVE AND GENERAL PRINCIPLES GOVERNING AN AUDIT OF FINANCIAL STATEMENTS CONTENTS

INTERNATIONAL STANDARD ON AUDITING 200 OBJECTIVE AND GENERAL PRINCIPLES GOVERNING AN AUDIT OF FINANCIAL STATEMENTS CONTENTS INTERNATIONAL STANDARD ON AUDITING 200 OBJECTIVE AND GENERAL PRINCIPLES GOVERNING (Effective for audits of financial statements for periods beginning on or after December 15, 2005. The Appendix contains

More information

Internal Audit Charter. June 2016

Internal Audit Charter. June 2016 Internal Audit Charter June 2016 1 Introduction 1.1 The Internal Audit Charter is a formal document that defines Internal Audit s purpose, authority and responsibility. The charter establishes Internal

More information

INTERNAL AUDIT CHARTER

INTERNAL AUDIT CHARTER INTERNAL AUDIT CHARTER 1000.00 Mission 1000.01 The mission of the Office of Internal Audit is to be an integral part of the governance of the University by providing independent, objective assurance that

More information

Application of King III Corporate Governance Principles

Application of King III Corporate Governance Principles Application of Corporate Governance Principles Application of Corporate Governance Principles This table is a useful reference to each of the principles and how, in broad terms, they have been applied

More information

GENERAL MILLS, INC. AUDIT COMMITTEE CHARTER

GENERAL MILLS, INC. AUDIT COMMITTEE CHARTER GENERAL MILLS, INC. AUDIT COMMITTEE CHARTER Organization. The Audit Committee (the Committee ) of General Mills, Inc. (the Company ) is a standing committee of the Board of Directors. The Committee shall

More information

Practice guide. quality assurance and IMProVeMeNt PrograM

Practice guide. quality assurance and IMProVeMeNt PrograM Practice guide quality assurance and IMProVeMeNt PrograM MarCh 2012 Table of Contents Executive Summary... 1 Introduction... 2 What is Quality?... 2 Quality in Internal Audit... 2 Conformance or Compliance?...

More information

Kesa Risk Universe Compliance Risks

Kesa Risk Universe Compliance Risks Page 1 POLICY CHANGE MANAGEMENT Amendments made Edition Date Original version 00 09/2003 New original version all pages amended 01 06/2009 Pages 5, 7, 8, 9 amended 02 12/2010 Page 2 KESA AUDIT COMMITTEE

More information

INTERNATIONAL STANDARD ON AUDITING 220 QUALITY CONTROL FOR AN AUDIT OF FINANCIAL STATEMENTS CONTENTS

INTERNATIONAL STANDARD ON AUDITING 220 QUALITY CONTROL FOR AN AUDIT OF FINANCIAL STATEMENTS CONTENTS INTERNATIONAL STANDARD ON 220 QUALITY CONTROL FOR AN AUDIT OF FINANCIAL STATEMENTS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Introduction

More information

Department of Infrastructure and Planning: Governance Framework for Infrastructure Delivery Special Purpose Vehicles

Department of Infrastructure and Planning: Governance Framework for Infrastructure Delivery Special Purpose Vehicles Department of Infrastructure and Planning: Governance Framework for Infrastructure Delivery Special Purpose Vehicles Governance Framework for Special Purpose Vehicles Table of Contents Executive Summary...3

More information

Administrative Guidelines on the Internal Control Framework and Internal Audit Standards

Administrative Guidelines on the Internal Control Framework and Internal Audit Standards Administrative Guidelines on the Internal Control Framework and Internal Audit Standards GCF/B.09/18 18 February 2015 Meeting of the Board 24 26 March 2015 Songdo, Republic of Korea Agenda item 24 Page

More information

Audit, Risk and Compliance Committee Charter

Audit, Risk and Compliance Committee Charter 1. Background Audit, Risk and Compliance Committee Charter The Audit, Risk and Compliance Committee is a Committee of the Board of Directors ( Board ) of Syrah Resources Limited (ACN 125 242 284) ( Syrah

More information

THE CORPORATION OF THE CITY OF MISSISSAUGA INTERNAL AUDIT CHARTER BY-LAW 65-13

THE CORPORATION OF THE CITY OF MISSISSAUGA INTERNAL AUDIT CHARTER BY-LAW 65-13 THE CORPORATION OF THE CITY OF MISSISSAUGA INTERNAL AUDIT CHARTER BY-LAW 65-13 WHEREAS Council of The Corporation of the City of Mississauga by Bylaw 0240-2004 approved a Charter for the services to be

More information

Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised)

Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised) IFAC Board Exposure Draft December 2013 Comments due: April 17, 2014 Proposed International Education Standard (IES) 8 Professional Competence for Engagement Partners Responsible for Audits of Financial

More information

OAC Presentation to UNESCO Member States

OAC Presentation to UNESCO Member States OAC Presentation to UNESCO Member States Scope and Purpose of Audit and Risk Committees 29 June 2016 1 Content: 1. Context 2. Audit and Risk Management in UNESCO today 3. Relationship between Entreprise

More information

Public Sector Internal Audit Standards. Applying the IIA International Standards to the UK Public Sector

Public Sector Internal Audit Standards. Applying the IIA International Standards to the UK Public Sector Public Sector Internal Audit Standards Applying the IIA International Standards to the UK Public Sector Issued by the Relevant Internal Audit Standard Setters: In collaboration with: Public Sector Internal

More information

Public Sector Internal Audit Standards

Public Sector Internal Audit Standards Public Sector Internal Audit Standards Table of Contents Section 1 Introduction 3 Section 2 Applicability 6 Section 3 Definition of Internal Auditing 8 Section 4 Code of Ethics 9 Section 5 Standards 12

More information

Internal Audit Strategic and Annual Plans 2015/16

Internal Audit Strategic and Annual Plans 2015/16 Internal Audit Strategic and Annual Plans 2015/16 Financial Scrutiny and Audit Committee 10 February 2015 Agenda Item No 8 Summary: This report provides an overview of the stages followed prior to the

More information

Internal Audit Terms of Reference

Internal Audit Terms of Reference Internal Audit Terms of Reference Introduction 1. The Internal Audit Terms of Reference (ToR) describes the framework within which the Internal Audit Service is delivered. It is intended to act as a guide

More information

PRACTICE GUIDE. Formulating and Expressing Internal Audit Opinions

PRACTICE GUIDE. Formulating and Expressing Internal Audit Opinions PRACTICE GUIDE Formulating and Expressing Internal Audit Opinions 2 of 23 Table of Contents 1. Executive Summary... 1 2. Introduction... 2 3. Planning the Expression of an Opinion... 3 3.1 Expressing an

More information

Internal Audit and Advisory Services DRAFT

Internal Audit and Advisory Services DRAFT Internal Audit and Advisory Services DRAFT PAGE(S) Message from the Internal Audit and Advisory Services...1-2 Internal Audit and Advisory Services Plan...3-5 Objectives...6-7 Risk Assessment Process...8

More information

Internal Audit Charter. Version 1 (7 November 2013)

Internal Audit Charter. Version 1 (7 November 2013) Version 1 (7 November 2013) CONTENTS Details Page EXECUTIVE SUMMARY... 2 1. BACKGROUND... 3 10. PSIAS REQUIREMENTS... 3 12. DEFINITION OF THE CHIEF AUDIT EXECUTIVE (CAE)... 4 14. DEFINITION OF THE BOARD...

More information

The Framework for Quality Assurance

The Framework for Quality Assurance Chapter 1 The Framework for Quality Assurance O v e rv i e w One of internal audit s major assets is its credibility with stakeholders. To provide credible assistance and constructive challenge to management,

More information

Charity Audit Committee performance evaluation Self assessment checklist. October 2014

Charity Audit Committee performance evaluation Self assessment checklist. October 2014 Charity Audit Committee performance evaluation Self assessment checklist October 2014 With increasing responsibilities and complexities, being a member of the Audit Committee has never been more challenging

More information

CVS HEALTH CORPORATION A Delaware corporation (the Company ) Audit Committee Charter Amended as of September 24, 2014

CVS HEALTH CORPORATION A Delaware corporation (the Company ) Audit Committee Charter Amended as of September 24, 2014 CVS HEALTH CORPORATION A Delaware corporation (the Company ) Audit Committee Charter Amended as of September 24, 2014 Purpose The Audit Committee (the Committee ) is created by the Board of Directors of

More information

Establishing a Quality Assurance and Improvement Program

Establishing a Quality Assurance and Improvement Program Chapter 2 Establishing a Quality Assurance and Improvement Program O v e rv i e w IIA Practice Guide, Quality Assurance and Improvement Program, states that Quality should be built in to, and not on to,

More information

South East Water Corporation Finance Assurance and Risk Management Committee Charter

South East Water Corporation Finance Assurance and Risk Management Committee Charter South East Water Corporation Finance Assurance and Risk Management Committee Charter Created: October 2012 Document number: BS 2359 Last reviewed: May 2015 1. Purpose The South East Water Corporation Board's

More information

HALOZYME THERAPEUTICS, INC. CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS ORGANIZATION AND MEMBERSHIP REQUIREMENTS

HALOZYME THERAPEUTICS, INC. CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS ORGANIZATION AND MEMBERSHIP REQUIREMENTS HALOZYME THERAPEUTICS, INC. CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS I. STATEMENT OF POLICY The Audit Committee (the Committee ) of the Board of Directors (the Board ) of Halozyme Therapeutics,

More information

COUPONS.COM INCORPORATED CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS

COUPONS.COM INCORPORATED CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS COUPONS.COM INCORPORATED CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS I. STATEMENT OF POLICY This Charter specifies the authority and scope of the responsibilities of the Audit Committee (the

More information

Internal Auditing: Assurance, Insight, and Objectivity

Internal Auditing: Assurance, Insight, and Objectivity Internal Auditing: Assurance, Insight, and Objectivity WHAT IS INTERNAL AUDITING? INTERNAL AUDITING business people all around the world are familiar with the term. But do they understand the value it

More information

Impact of New Internal Control Frameworks

Impact of New Internal Control Frameworks Impact of New Internal Control Frameworks Webcast: Tuesday, February 25, 2014 CPE Credit: 1 0 With You Today Bob Jacobson Principal, Risk Advisory Services Consulting Leader West Region Bob.Jacobson@mcgladrey.com

More information

B o a r d of Governors of the Federal Reserve System. Supplemental Policy Statement on the. Internal Audit Function and Its Outsourcing

B o a r d of Governors of the Federal Reserve System. Supplemental Policy Statement on the. Internal Audit Function and Its Outsourcing B o a r d of Governors of the Federal Reserve System Supplemental Policy Statement on the Internal Audit Function and Its Outsourcing January 23, 2013 P U R P O S E This policy statement is being issued

More information

UNIVERSAL AMERICAN CORP. CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS

UNIVERSAL AMERICAN CORP. CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS Organization UNIVERSAL AMERICAN CORP. CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS This charter governs the operations of the Audit Committee of Universal American Corp. (the Company ). The

More information

GAO. Government Auditing Standards: Implementation Tool

GAO. Government Auditing Standards: Implementation Tool United States Government Accountability Office GAO By the Comptroller General of the United States December 2007 Government Auditing Standards: Implementation Tool Professional Requirements Tool for Use

More information

Audit of the Test of Design of Entity-Level Controls

Audit of the Test of Design of Entity-Level Controls Audit of the Test of Design of Entity-Level Controls Canadian Grain Commission Audit & Evaluation Services Final Report March 2012 Canadian Grain Commission 0 Entity Level Controls 2011 Table of Contents

More information

Sears Hometown and Outlet Stores, Inc. Audit Committee of the Board of Directors Charter

Sears Hometown and Outlet Stores, Inc. Audit Committee of the Board of Directors Charter Sears Hometown and Outlet Stores, Inc. Audit Committee of the Board of Directors Charter Purpose The Audit Committee is appointed by the Board of Directors (the Board ) of Sears Hometown and Outlet Stores,

More information

COSO Internal Control Integrated Framework (2013)

COSO Internal Control Integrated Framework (2013) COSO Internal Control Integrated Framework (2013) The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its updated Internal Control Integrated Framework (2013 Framework)

More information

HALOGEN SOFTWARE INC. AUDIT COMMITTEE CHARTER. oversee the qualifications and independence of the independent auditor;

HALOGEN SOFTWARE INC. AUDIT COMMITTEE CHARTER. oversee the qualifications and independence of the independent auditor; HALOGEN SOFTWARE INC. AUDIT COMMITTEE CHARTER PURPOSE The Audit Committee is a standing committee appointed by the Board of Directors of Halogen Software Inc. The Committee is established to fulfill applicable

More information

FCPA 10 Hallmarks Self- Assessment

FCPA 10 Hallmarks Self- Assessment FCPA 10 Hallmarks Self- Assessment How exposed is your business to corruption risk? Take this assessment to find out if your systems are sufficiently robust to protect your business October 2014 Prepared

More information

GAO. Government Auditing Standards. 2011 Revision. By the Comptroller General of the United States. United States Government Accountability Office

GAO. Government Auditing Standards. 2011 Revision. By the Comptroller General of the United States. United States Government Accountability Office GAO United States Government Accountability Office By the Comptroller General of the United States December 2011 Government Auditing Standards 2011 Revision GAO-12-331G GAO United States Government Accountability

More information

LEUCADIA NATIONAL CORPORATION AUDIT COMMITTEE CHARTER

LEUCADIA NATIONAL CORPORATION AUDIT COMMITTEE CHARTER LEUCADIA NATIONAL CORPORATION AUDIT COMMITTEE CHARTER I. PURPOSE The Audit Committee (the Committee ) shall assist the Board of Directors (the Board ) in fulfilling its responsibility to oversee management

More information

The Institute of Internal Auditors:

The Institute of Internal Auditors: The Government Accountability Office: Government Audit Standards The Institute of Internal Auditors: International Professional Practices Framework A COMPARISON A Acknowledgments Cecil Bragg, CGAP, CPA

More information

CORPORATE GOVERNANCE GUIDELINES OF PERFORMANCE FOOD GROUP COMPANY

CORPORATE GOVERNANCE GUIDELINES OF PERFORMANCE FOOD GROUP COMPANY CORPORATE GOVERNANCE GUIDELINES OF PERFORMANCE FOOD GROUP COMPANY The Board of Directors is committed to achieving business success and enhancing longterm shareholder value while maintaining the highest

More information

MISSION STATEMENT OBJECTIVES IN ACCOMPLISHING OUR MISSION

MISSION STATEMENT OBJECTIVES IN ACCOMPLISHING OUR MISSION MISSION STATEMENT Internal Audit exists to support administration and the Board of Directors in the effective discharge of their responsibilities. Using our knowledge and professional judgment, we will

More information

ACCA P1 Internal Control. incorporated into Combined code, it was last revised in 2005 and still present as a standalone document.

ACCA P1 Internal Control. incorporated into Combined code, it was last revised in 2005 and still present as a standalone document. Internal Control ACCA P1 Internal Control Turnbull Report 1999 provided guidance for creating strong internal control system and later incorporated into Combined code, it was last revised in 2005 and still

More information

Internal Control Integrated Framework. May 2013

Internal Control Integrated Framework. May 2013 Internal Control Integrated Framework May 2013 0 Table of Contents COSO & Project Overview Internal Control-Integrated Framework Illustrative Documents Illustrative Tools for Assessing Effectiveness of

More information

Internal Audit Quality Assessment Framework

Internal Audit Quality Assessment Framework Internal Audit Quality Assessment Framework May 2013 Internal Audit Quality Assessment Framework May 2013 Crown copyright 2013 You may re-use this information (excluding logos) free of charge in any format

More information

APPLICATION OF KING III CORPORATE GOVERNANCE PRINCIPLES 2014

APPLICATION OF KING III CORPORATE GOVERNANCE PRINCIPLES 2014 WOOLWORTHS HOLDINGS LIMITED CORPORATE GOVERNANCE PRINCIPLES 2014 CORPORATE GOVERNANCE PRINCIPLES 2014 CORPORATE GOVERNANCE PRINCIPLES 2014 This table is a useful reference to each of the King III principles

More information

APPLICATION OF THE KING III REPORT ON CORPORATE GOVERNANCE PRINCIPLES

APPLICATION OF THE KING III REPORT ON CORPORATE GOVERNANCE PRINCIPLES APPLICATION OF THE KING III REPORT ON CORPORATE GOVERNANCE PRINCIPLES Ethical Leadership and Corporate Citizenship The board should provide effective leadership based on ethical foundation. that the company

More information

(Effective as of December 15, 2009) CONTENTS

(Effective as of December 15, 2009) CONTENTS INTERNATIONAL STANDARD ON QUALITY CONTROL 1 QUALITY CONTROL FOR FIRMS THAT PERFORM AUDITS AND REVIEWS OF FINANCIAL STATEMENTS, AND OTHER ASSURANCE AND RELATED SERVICES ENGAGEMENTS (Effective as of December

More information

Practice Guide. Developing the Internal Audit Strategic Plan

Practice Guide. Developing the Internal Audit Strategic Plan Practice Guide Developing the Internal Audit Strategic Plan JUly 2012 Table of Contents Executive Summary... 1 Introduction... 2 Strategic Plan Definition and Development... 2 Review of Strategic Plan...

More information

Audit Quality Assurance Policies. Auditor-Controller/Treasurer-Tax Collector. Financial Reporting and Audits Division. Audit Unit

Audit Quality Assurance Policies. Auditor-Controller/Treasurer-Tax Collector. Financial Reporting and Audits Division. Audit Unit Auditor-Controller/Treasurer-Tax Collector Financial Reporting and Audits Division Audit Unit Table of Contents Introduction... 1 Ethical principles... 1 Independence... 2 Competency... 3 Acceptance and

More information

august09 tpp 09-05 Internal Audit and Risk Management Policy for the NSW Public Sector OFFICE OF FINANCIAL MANAGEMENT Policy & Guidelines Paper

august09 tpp 09-05 Internal Audit and Risk Management Policy for the NSW Public Sector OFFICE OF FINANCIAL MANAGEMENT Policy & Guidelines Paper august09 09-05 Internal Audit and Risk Management Policy for the NSW Public Sector OFFICE OF FINANCIAL MANAGEMENT Policy & Guidelines Paper Preface Corporate governance - which refers broadly to the processes

More information

Statement of Guidance

Statement of Guidance Statement of Guidance Internal Audit Unrestricted Trust Companies 1. Statement of Objectives 1.1. To provide specific guidance on Internal Audit Functions as called for in section 3.6 of the Statement

More information

APB ETHICAL STANDARD 5 (REVISED) NON-AUDIT SERVICES PROVIDED TO AUDITED ENTITIES

APB ETHICAL STANDARD 5 (REVISED) NON-AUDIT SERVICES PROVIDED TO AUDITED ENTITIES APB ETHICAL STANDARD 5 (REVISED) NON-AUDIT SERVICES PROVIDED TO AUDITED ENTITIES (Revised December 2010, updated December 2011) Contents paragraph Introduction 1 4 General approach to non-audit services

More information

APES 320 Quality Control for Firms

APES 320 Quality Control for Firms APES 320 Quality Control for Firms APES 320 Quality Control for Firms is based on International Standard on Quality Control (ISQC 1) (as published in the Handbook of International Auditing, Assurance,

More information

Positioning the internal audit function within the Solvency II framework Key challenges. Ludovic Bardon Senior Manager Audit Deloitte Luxembourg

Positioning the internal audit function within the Solvency II framework Key challenges. Ludovic Bardon Senior Manager Audit Deloitte Luxembourg Positioning the internal audit function within the Solvency II framework Key challenges Jérôme Sosnowski Director Governance, Risk & Compliance Deloitte Luxembourg Ludovic Bardon Senior Manager Audit Deloitte

More information

AUDIT COMMITTEE CHARTER. of ForeScout Technologies, Inc.

AUDIT COMMITTEE CHARTER. of ForeScout Technologies, Inc. AUDIT COMMITTEE CHARTER of the Audit Committee of the Board of Directors of ForeScout Technologies, Inc. (As amended and restated by the Board of Directors effective August 3, 2015) I. General Statement

More information

Appendix 3 (normative) High level structure, identical core text, common terms and core definitions

Appendix 3 (normative) High level structure, identical core text, common terms and core definitions Appendix 3 (normative) High level structure, identical core text, common terms and core definitions NOTE In the Identical text proposals, XXX = an MSS discipline specific qualifier (e.g. energy, road traffic

More information

The Auditor s Communication With Those Charged With Governance

The Auditor s Communication With Those Charged With Governance The Auditor s Communication With Governance 2083 AU Section 380 The Auditor s Communication With Those Charged With Governance (Supersedes SAS No. 61.) Source: SAS No. 114. Effective for audits of financial

More information

On the Setting of the Standards and Practice Standards for. Management Assessment and Audit concerning Internal

On the Setting of the Standards and Practice Standards for. Management Assessment and Audit concerning Internal (Provisional translation) On the Setting of the Standards and Practice Standards for Management Assessment and Audit concerning Internal Control Over Financial Reporting (Council Opinions) Released on

More information

Oceaneering International, Inc. Audit Committee Charter

Oceaneering International, Inc. Audit Committee Charter Oceaneering International, Inc. Audit Committee Charter Purpose The Audit Committee of the Board of Directors (the Committee ) is appointed by the Board of Directors (the Board ) to assist the Board in

More information

MATTEL, INC. AMENDED AND RESTATED AUDIT COMMITTEE CHARTER

MATTEL, INC. AMENDED AND RESTATED AUDIT COMMITTEE CHARTER Purpose MATTEL, INC. AMENDED AND RESTATED AUDIT COMMITTEE CHARTER The purpose of the Audit Committee (the Committee ) is to provide assistance to the Board of Directors (the Board ) of Mattel, Inc. (the

More information

operated by it (as the case requires).

operated by it (as the case requires). 1 Definitions In this document: ASX Board Chair CEO CFO Company Secretary Corporations Act Director means ASX Limited ACN 008 624 691 or the securities exchange operated by it (as the case requires). means

More information

AUDIT COMMITTEE TERMS OF REFERENCE

AUDIT COMMITTEE TERMS OF REFERENCE AUDIT COMMITTEE TERMS OF REFERENCE 1. Purpose The Audit Committee will assist the Board of Directors (the "Board") in fulfilling its oversight responsibilities. The Audit Committee will review the financial

More information

DRAFT Report on Office of the Superintendent of Financial Report on Institutions Office of the Superintendent of Financial

DRAFT Report on Office of the Superintendent of Financial Report on Institutions Office of the Superintendent of Financial DRAFT Report on Office of the Superintendent of Financial Report on Institutions Office of the Superintendent of Financial Institutions Regulation Sector Approvals & Precedents Group Office of the Chief

More information

SunTrust Banks, Inc. Audit Committee of the Board of Directors Charter

SunTrust Banks, Inc. Audit Committee of the Board of Directors Charter SunTrust Banks, Inc. Audit Committee of the Board of Directors Charter PURPOSE The audit committee (the Committee ) is appointed by the board of directors of the company to assist the board of directors

More information

National Commission for Academic Accreditation & Assessment. Standards for Quality Assurance and Accreditation of Higher Education Institutions

National Commission for Academic Accreditation & Assessment. Standards for Quality Assurance and Accreditation of Higher Education Institutions National Commission for Academic Accreditation & Assessment Standards for Quality Assurance and Accreditation of Higher Education Institutions November 2009 Standards for Institutional Accreditation in

More information