Good Practice Internal Audit Manual Template
Good Practice Internal Audit Manual Template
Europe and Central Asia
Contents
1. Fundamentals ........................................................................................................... 1 2. Planning ..................................................................................................................... 6 3. Execution ................................................................................................................... 9 4. Reporting ................................................................................................................. 13 5. Quality control ........................................................................................................ 16 6. People ...................................................................................................................... 19 7. Tools......................................................................................................................... 21 8. Knowledge management ....................................................................................... 23 9. Interaction with others ........................................................................................... 24 Appendix 1: Structure for the Strategic Audit Plan ............................................... 26 Appendix 2: Structure for the Annual Audit Plan................................................... 27 Appendix 3: Structure of the Final Audit Report.................................................... 28 Other potential appendices:...................................................................................... 29
1. Fundamentals
1.1. Reference to legal and regulatory framework
A difference with the private sector is that internal audit finds its basis in a regulatory framework. Proper reference to this framework, including reference to parliament's acts and European Union legislation (if applicable), shall be included. Subsequent changes to the regulatory framework shall also be included. Relationships with the Ministry of Finance, the Central Harmonization Unit (CHU), the Audit Authority and the National Audit Office (NAO or SAI) shall be part of this chapter. All public sector entities (budget spenders) that fall into the scope of internal audit according to the regulatory framework shall be included.
1.2. Authority, organization and professional standards
The position of internal audit within the organization shall be clarified. It shall be made clear what the authority of internal audit is and what they are not responsible for. The reporting lines of internal audit, both administrative and functional, to senior management, the audit committee (if any) and the parliament eventually shall be explained. The role of the CHU shall be clarified as well. Reporting lines outside the organization shall also be mentioned (if applicable). Reference shall be made to professional standards. These standards shall include the international standards, promulgated by the global Institute of Internal Auditors, as well as any existing national standards. Reference can also be made to INTOSAI standards (if applicable). The internal audit charter shall also be attached to this section.
1.3. Mission statement
The mission statement shall contain the reason of existence of internal audit (besides the regulatory framework). What is the role and contribution to the organization shall be explained in clear words (no definition!). How will internal audit assist the organization in achieving its goals? This mission statement shall reflect the vision of senior management.
1.4. Internal audit stakeholders
Good Practice Internal Audit Manual Template
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