8 elements of internal audit charter

8 elements of internal audit charter

The internal audit charter is a formal document that defines the internal audit activity’s purpose, authority and responsibility

The following are elements of the internal audit charter

  • The purpose of the internal audit activity
  • The scope of the internal audit activities
  • The responsibilities of the internal audit activity
  • The relationship and coordination with the external auditor
  • The audit plan
  • The reporting
  • The internal audit activity authority and it’s position within the company to ensure its independence
  • The standards of audit practices.

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