According to IIA guidance, it is a best practice for the internal audit charter to be reviewed and resubmitted for board approval annually, along with the audit plan. This annual review ensures that the charter remains relevant and aligned with the organization’s objectives and governance structure. It also provides an opportunity to update the charter to reflect any changes in the internal audit activity's role, responsibilities, or scope of work. This process helps maintain the charter as a living document that accurately defines the purpose, authority, and responsibility of the internal audit function.
The IIA Standards: Standard 1000 – Purpose, Authority, and Responsibility: "The chief audit executive must periodically review the internal audit charter and present it to senior management and the board for approval."
The IIA Practice Guide: "Internal Audit Charter: Understanding
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