Baboo
Posts: 6
Joined: Jun 2012
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Tuesday June 19, 2012 6:12 AM
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The charter is the formal policy document and 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.
The charter should cover broader areas only and details like types and scope of audits, auditors and management responsibilities, risk assessment mechanisms, execution and conduction of audit assignments, formulating reports and followup mechanics should be documented in detail in Internal Audit Manual.
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Ejaz Rasul
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