Financial Administration Manual

206 Internal Audit

Search Financial Administration Manual

Effective: January 27, 2018
Section: Risk Management
Administrator: Office of the Comptroller General
Applicability: GNWT Departments and Public Agencies 

POLICY

The Internal Audit Bureau (IAB) shall provide risk based and objective assurance, advice, and insight to Departments, Boards, and Agencies.

PURPOSE    

To support an independent and objective internal audit function that provides assurance and consulting services by bringing a systematic, disciplined approach in the evaluation and improvement in the effectiveness of risk management, internal controls, and governance process.

SCOPE

This policy applies to assurance and consulting services carried out by IAB for the Departments, Boards, and Agencies.

RESPONSIBILITIES

Financial Management Board

 Establish the mandate for the Audit Committee.  On an annual basis, receives the Audit Committee report on governance, risk management, and internal control.

 Comptroller General

 Shall chair the Audit Committee and approve interpretation bulletins associated with this policy.

 Audit Committee

 See Interpretative Bulletin 206.01 Internal Audit Committee for membership and terms of reference.   

 Deputy Heads

 Deputy Heads shall ensure that Internal Audit Bureau has unrestricted and immediate access to all documents and staff necessary to properly conduct an audit or investigation.

 Internal Audit Bureau Director

 Provides administrative support to the Audit Committee.

AUTHORITIES and REFERENCES

  • Financial Administration Act (FAA)
    • Sections 7 to 41
  • International Professional Practice Framework of Institute of Internal Auditors

INTERPRETATION BULLETINS