INTERNAL AUDIT DEPARTMENT POLICIES & PROCEDURES
Insert Your P&P Manual Here
3
Your Internal Audit Department Charter.
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Insert your Charter
XYX Organization
Charter
Internal Audit
Purpose:
Internal Audit is an independent and objective assurance and consulting activity guided by a philosophy of adding value and improving operations of XYZ Organization. Internal Audit accomplishes its objectives by bringing a systematic and disciplined approach to evaluating and improving of the organization’s risk management, control, and governance processes.
The independent and objective services provided by Internal Audit include evaluating and promoting the accomplishment of the goals and mission of XYZ Organization in:
(Insert Goals & Mission of XYZ Organization)
Practices: Internal Audit practices are governed by:
- International Standards for the Professional Practice of Internal Auditing
- Code of Ethics, The Institute of Internal Auditors
- etc.
Corporation Audit Committee Charter 57
Internal
Audit Department Vision
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Internal Audit
Department Charter
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Internal Audit Roles and Responsibilities
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Independence And Objectivity
- Insert Your Position
Independence:
All internal audit activities shall remain free of influence by any element in the organization relative to matters of audit selection, scope, procedures, frequency, timing, or report content to permit maintenance of an independent and objective mental attitude necessary in reporting. .........................
Impairment
Insert Your Position ...
Any impairments to independence and objectivity are to be reported to the XYZ Organization CEO and the Audit Committee. Internal Auditors do not assume management responsibilities nor have direct ..................
Skills And Competence
Insert your requirements ..........
Example:
................ should possess knowledge, skills, and other competencies needed individually and collectively possess or obtain the knowledge, skills, and other competencies needed
- apply internal auditing standards, procedures, and techniques.
- proficiency in accounting principles and techniques – if doing financial audits.
- understand management principles ........
Subject Matter Experts
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Reasonable Professional Care
Insert your requirements ... Engagements should be performed with proficiency and due professional care.
- responsibility of CAE and each auditor
- CAE to ensure persons assigned to audit have necessary knowledge, skills, and other competencies .......
Confidentiality
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The scope of Internal Audit encompasses the examination and evaluation of the adequacy and effectiveness of the organization’s governance, risk management process, system of internal control structure, and the quality of performance in carrying out assigned responsibilities to achieve the organization’s stated goals and objectives. It includes:
Insert Scope of Audit Activities)
Assurance Services
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Consulting Services
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Control Self Assessments
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Audit Planning Steps
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Audit Tracking
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Preliminary Survey
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Evaluation of Internal Control
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Determine Audit Objectives, Procedures, and Scope
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Obtain an
Understanding of the Auditable Entity
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Analytical Procedures and
Computer Assisted Auditing Techniques
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Audit Planning Memorandum
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Use of Analytical
Procedures and CAATs during Fieldwork
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Data Request Log
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Exit Conference
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Dissemination of Internal Audit Work Product
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Disagreement with Client’s Risk Appetite
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Audit Staff Evaluations
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External Review
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Self Assessment with Independent Validation
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Internal Assessment
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