Responsibilities of the Internal Audit Unit
i. |
Functionally, the Head of the IAU will send copies of all audit reports and their associated management action plans to the Principal Accounting Officer and will submit a quarterly administrative report. The administrative report will cover at minimum the following subjects: | |
| a) | The scope of consulting services agreed upon by the management; | |
| b) | The requests for service received; | |
| c) | The consulting services provided; | |
| d) | A comparison of audits and consulting services performed compared to the annual audit activity plan; | |
| e) | A summary of the audits performed and their results; and, | |
| f) | The status of management action plans arising from previous audits. | |
ii. |
Administratively, the selected Department’s IAUs will report to the Director of Internal Audit, Finance Division. Administrative reporting includes responsibilities for: | |
| a) | The appointment and termination of the Head and other staff of the IAU; | |
| b) | Approval of the annual risk assessment and audit activity plan; | |
| c) | Ensuring adequate audit coverage through the multi-year audit activity plan of MDA risks; | |
| d) | Approving the annual internal audit business plan and operating budget; | |
| e) | Evaluating the annual performance of the IAU; | |
| f) | Providing guidance and oversight to the IAU, ensuring GoB internal audit policies are followed, and ensuring the quality of internal audit work; | |
| g) | Summarizing the results of audits and reporting unresolved risks to the Audit Committee. | |
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