TITLE
Title
GUILFORD COUNTY INTERNAL AUDIT CHARTER
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SPONSOR
Sponsor
Marty Lawing/Deborah Alston
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BACKGROUND
Background
During the Internal Audit Sub-Committee meeting held August 24 staff presented a report as to the status of the Internal Audit Department, and updates on recent audits conducted. It was determined after review of the county's auditing practices that Guilford County had yet to formally adopt an internal audit charter; which is deemed best practice according to Institute of Internal Auditors (IIA).
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.
Both the Sub-Committee members present at the meeting, as well as, staff are recommending Board consideration and adoption of a formal internal audit charter for Guilford County.
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REQUESTED ACTION
Requested Action
Review and approve internal audit charter for Guilford County.
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