title
Presentation, Discussion, and Possible Action on the 2024 Internal Audit Charter
end
RECOMMENDED ACTION
recommendation
WHEREAS, the Internal Audit Division is required by audit standards to develop a charter, and to periodically update the charter.
NOW, therefore, it is hereby
RESOLVED, that the 2024 Internal Audit Charter is here by approved as presented.
end
BACKGROUND
Internal Audit Standards (the Institute of Internal Auditor’s International Standards for the Professional Practice of Internal Auditing) require periodic approval of the Internal Audit Charter. Standard 1000’s interpretation is “The internal audit charter is a formal document that defines the internal audit activity’s purpose, authority, and responsibility. The internal audit charter establishes the internal audit activity’s position within the organization, including the nature of the chief audit executive’s functional reporting relationship with the board; authorizes access to records, personnel, and physical properties relevant to the performance of engagements; and defines the scope of internal audit activities. Final approval of the internal audit charter resides with the board.”