State Of Indian Internal Audit Charter Essay

State Of Indian Internal Audit Charter Essay

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STATE OF INDIANA
Internal Audit Charter



Introduction
Internal Audit is an independent, objective, assurance, and consulting activity designed to add value and improve operations. It helps accomplish objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management, and control processes.

Internal Audit is organized to examine and evaluate current and proposed processes and controls. The objectives of Internal Audit are to:

1. Promote effective and efficient controls through audits, reviews and objective consulting arrangements.
2. Pursue effective corrective action to the root cause of significant issues.
3. Assist Senior Management in the effective discharge of their duties by furnishing them with analysis, appraisals and recommendations concerning the activities reviewed.
4. Compile a report of results of internal audits and reviews performed on an annual basis and provide the report no later than August 1st to the State Board of Accounts in compliance with House Enrolled Act Number 1264.

The above objectives will be accomplished by integrating audits to include all risk categories including but not limited to financial, operational, compliance, fraud, and strategic risk.

Professional Standards
The Internal Audit staff will govern themselves by adhering to The Institute of Internal Auditors’ International Professional Practices Framework, which will constitute the operating procedures for the department. These documents, as amended from time to time and available at www.theiia.org, constitute an addendum to this charter. The Institute of Internal Auditors ' "Practice Advisories" will be adhered to as applicable. Internal Audit will also adhere to company po...


... middle of paper ...


...and control assessment, reporting, and accountability.

Quality Assurance and Improvement Program
The Director of Internal Audit will be responsible for ensuring the department compliance with the International Professional Practice Framework (IPPF) including a quality assurance and improvement program.

Periodic Assessment
On an annual basis, the Director of Internal Audit will assess whether the purpose, authority, and responsibility as defined in this charter, continue to be adequate to enable Internal Audit activity to accomplish its objectives. The result of this periodic assessment should be communicated to Senior Manager.





State of Indiana Bureau of Motor Vehicles Internal Audit Charter Approved by:




________________________________________ ______________________________________
Kent Abernathy Date
Commissioner
Indiana Bureau of Motor Vehicles



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