Public Sector Internal Audit Standards PDF 146 KB

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Schedule of Board interactions with Internal AuditAnnex B1312 External AssessmentsExternal assessments must be conducted at least once every five years by a qualified,independent assessor or assessment team from outside the organisation. The chiefaudit executive must discuss with the board:The form of external assessments;The qualifications and independence of the external assessor or assessmentteam, including any potential conflict of interest.1320 Reporting on the Quality Assurance and Improvement ProgrammeThe chief audit executive must communicate the results of the quality assurance andimprovement programme to senior management and the board.1322 Disclosure of Non-conformanceWhen non-conformance with the Definition of Internal Auditing, the Code of Ethics orthe Standards impacts the overall scope or operation of the internal audit activity, thechief audit executive must disclose the non-conformance and the impact to seniormanagement and the board.2010 PlanningThe chief audit executive must establish risk-based plans to determine the priorities ofthe internal audit activity, consistent with the organisation’s goals.2010.A1The internal audit activity’s plan of engagements must be based on a documented riskassessment, undertaken at least annually. The input of senior management and theboard must be considered in this process.2010.A2The chief audit executive must identify and consider the expectations of seniormanagement, the board and other stakeholders for internal audit opinions and otherconclusions.2020 Communication and ApprovalThe chief audit executive must communicate the internal audit activity’s plans andresource requirements, including significant interim changes, to senior managementand the board for review and approval. The chief audit executive must alsocommunicate the impact of resource limitations.2030 Resource ManagementThe chief audit executive must ensure that internal audit resources are appropriate,sufficient and effectively deployed to achieve the approved plan.Public sectorrequirementThe risk-based plan must explain how internal audit’s resourcerequirements have been assessed. Where the chief audit executivebelieves that the level of agreed resources will impact adversely onthe provision of the annual internal audit opinion, the consequencesmust be brought to the attention of the board.2060 Reporting to Senior Management and the BoardThe chief audit executive must report periodically to senior management and the boardon the internal audit activity’s purpose, authority, responsibility and performance relativeto its plan. Reporting must also include significant risk exposures and control issues,including fraud risks, governance issues and other matters needed or requested bysenior management and the board.
Schedule of Board interactions with Internal AuditAnnex B2110 GovernanceThe internal audit activity must assess and make appropriate recommendations forimproving the governance process in its accomplishment of the following objectives:Promoting appropriate ethics and values within the organisation;Ensuring effective organisational performance management and accountability;Communicating risk and control information to appropriate areas of theorganisation; andCoordinating the activities of and communicating information among the board,external and internal auditors and management.2440 Disseminating Results2440.C2During consulting engagements, governance, risk management and control issues maybe identified. Whenever these issues are significant to the organisation, they must becommunicated to senior management and the board.2450 Overall OpinionsWhen an overall opinion is issued, it must take into account the expectations of seniormanagement, the board and other stakeholders and must be supported by sufficient,reliable, relevant and useful information.2600 Communicating the Acceptance of RisksWhen the chief audit executive concludes that management has accepted a level of riskthat may be unacceptable to the organisation, the chief audit executive must discussthe matter with senior management. If the chief audit executive determines that thematter has not been resolved, the chief audit executive must communicate the matter tothe board.
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Public Sector Internal Audit Standards PDF 146 KB

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