Standard 1010-recognition of mandatory guidelines in the internal audit charter

Standard 1010-recognition of mandatory guidelines in the internal audit charter

The guidelines of the internal audit charter that we want to address in this section.

The mandatory nature of the basic principles of professional implementation of internal audit, code of professional conduct, standards and definition of internal audit should be specified in the charter of internal audit.

The internal audit manager is expected to discuss and review the internal audit mission and IPPF requirements with senior management and the board of directors.

the beginning

Before writing or revising the internal audit charter, the chief audit executive typically reviews the framework to familiarize herself with the Internal audit mission And its mandatory elements include the basic principles of the professional implementation of internal audit, the code of professional conduct, international standards for the professional implementation of internal audit and the definition of internal audit.

The internal audit manager is expected to periodically review the internal audit charter and present it to senior management and the board of directors for approval.

(See Standard 1000 under Objectives, Authority and Responsibility).

It will be useful to know the internal audit manager from the organizational process of presenting the internal audit charter for approval.

Also, the internal audit manager may arrange discussions with senior management and the board of directors as part of the periodic review and revision process of the internal audit charter.

Executive considerations

To recognize the mandatory elements of the framework in the internal audit charter, the internal audit manager may propose special sentences such as the following sentences:

The internal audit unit is conducted based on the mandatory guidelines of the Association of Internal Auditors, including the fundamental principles of the professional implementation of internal audit, the code of professional conduct, international standards for the professional implementation of internal audit and the definition of internal audit.

The mandatory guidelines of the Association of Internal Auditors are a combination of the fundamental principles of the professional implementation of internal audit and principles for evaluating the effectiveness of the internal audit unit’s performance.

One way to use specific wording is to use consistent language and content throughout the audit charter, in a way that is consistent with the mandatory guidelines.

The internal audit manager’s conversation with senior management and the board of directors about the internal audit charter provides a good opportunity to explain the internal audit mission, the mandatory elements of the framework, and also how to identify these elements in the internal audit charter.

After the charter is accepted, it is very important to monitor compliance with the mandatory guidelines of the Internal Auditors Association and to discuss any changes resulting from the subsequent reviews of the charter by the internal audit system.