Review Of The Audit And Risk Committee Charter & Review Of The Internal Audit Policy · Attachment 2_Internal Audit Policy_Draft

INTERNAL AUDIT POLICY



 4. INTERNAL AUDIT’S STANDING WITHIN COUNCIL

The responsibility to establish an efficient and effective internal audit function has been
delegated by Council to the Chief Executive Officer with oversight by the Audit and Risk
Committee.

The internal audit function must be independent reporting directly to the Chief Executive
Officer and objective in undertaking audit activities. The Internal Auditor must declare and
disclose any Conflict of Interest to Council, including any potential conflict of interest.

The internal audit function may be delivered in house or outsourced subject to a review of
Council’s operational requirements and an evaluation of the most effective and cost-efficient
model.

A professional relationship will be maintained with Council’s External Auditors. A close liaison
will result in a cost-effective use of audit resources ensuring the best value to Council.


 5. STANDARDS

The Internal Audit function will be conducted in accordance with relevant professional
standards including:
     Standards for the Professional Practice of Internal Auditing including the Global
       Internal Audit Standards effective on 09/01/25 and Standards for the Professional
       Practice of Internal Auditing issued by the Institute of Internal Auditors including the IIA
       Code of Ethics.
     Standards relevant to internal audit issued by CPA Australia (CPA) and Chartered
       Accountants Australia and New Zealand (CA ANZ).
     The Statement on Information Systems Auditing Standards issued by the ISACA.
     Standards issued by Standards Australia and the International Standards Organisation
       including the Australian and New Zealand Standard on Risk Management AS ISO
       31000:2018.


 6. INTERNAL AUDIT RESOURCES

The annual budget for the provision of internal audit services is approved by Council with the
adoption of the Noosa Shire Council Annual Budget. The Chief Executive Officer may approve
additional audit resources on the advice of the Audit and Risk Committee. Approval will be
undertaken in accordance with Council policies.


 7. SCOPE

This Policy applies to:

      All Council activities, including entities over which Council has direct ownership,
       management, or financial control; and
      All Council officers, councillors, contractors, the officers, and Committee members of
       related entities involved in and with responsibility for contributing towards the
       achievement of Council’s objectives.


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