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

INTERNAL AUDIT POLICY



 8. REVIEW

 The Internal Audit Policy will be reviewed by the Audit and Risk Committee and endorsed
 by Council annually or as required from time to time.



 9. RELEVANT LEGISLATION AND POLICIES


        Local Government Act 2009
         S 105 (1) Each local government must establish an efficient and effective internal audit
         function
        Local Government Regulation 2012
         S 207 (1) Internal audit
         (1) For each financial year, a local government must—
         (a) prepare an internal audit plan; and
         (b) carry out an internal audit; and
         (c) prepare a progress report for the internal audit; and
         (d) assess compliance with the internal audit plan.

         S207 (2) A local government’s internal audit plan is a document that includes statements
         about—
         (a) the way in which the operational risks have been evaluated; and
         (b) the most significant operational risks identified from the evaluation; and
         (c) the control measures that the local government has adopted, or is to adopt, to manage
         the most significant operational risks.

        Audit and Risk Committee Charter
        Enterprise Risk and Opportunity Management Policy


 10. DEFINITIONS
 Audit and Risk Committee is an advisory Committee of Council established in accordance
 with section 105(2) of the Local Government Act 2009 charged with monitoring assurance,
 oversight, and advice to Council in relation to making recommendations about matters that
 the Committee considers need action or improvement especially in relation to the Internal
 Audit Plan and monitoring the progress of management actions.
 Code of Ethics means The Code of Ethics of the Institute of Internal Auditors and are the
 principles relevant to the profession and practice of internal auditing and the rules of conduct
 that describe the behaviour expected on internal auditors. The Code of Ethics applies to all
 parties and entities that provide internal audit services and functions. The purpose of the
 Code of Ethics is to promote and ethical culture in the global profession of internal auditing.
 Conflict of Interest means any relationship, that is, or appears to be, not in the best interests
 of the organisation. A conflict of interest would prejudice an individual’s ability to perform his
 or her duties and responsibilities objectively.
 Core Principles for the Professional Practice of Internal Auditing means the internal
 audit function:

        Demonstrates integrity.
        Demonstrates competence and due professional care.

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