Which of the following statements would typically be included in the responsibility section of the internal audit charter?
A.
The internal audit activity will have free and unrestricted access to the chief executive officer, audit committee, and chairman of the board of directors.
B.
The internal audit activity shall develop a flexible audit plan, based on a risk assessment conducted at least annually and taking into consideration the risks or control concerns identified by management, and shall submit the plan to the board for approval.
C.
The chief audit executive shall obtain the necessary assistance of personnel in areas where audits are performed, as well as specialized services within or outside of the organization.
D.
The internal audit activity will not implement controls, develop procedures, install systems, prepare records, or engage in activities that may impair internal auditors’ judgments.
The statement that the internal audit activity shall develop a flexible audit plan based on risk assessment and submit this plan to the board for approval is typically found in the responsibilities section of the internal audit charter. This element emphasizes the planning aspect of audit activities, showcasing the audit's alignment with organizational risks and the governance structure's oversight.
IIA's International Standards for the Professional Practice of Internal Auditing
Contribute your Thoughts:
Chosen Answer:
This is a voting comment (?). You can switch to a simple comment. It is better to Upvote an existing comment if you don't have anything to add.
Submit